Announcement
Trakm8 Holdings PLC : Contract Extension
RNS Number : 4450B
Trakm8 Holdings PLC
04 April 2017
TRAKM8 HOLDINGS PLC
("Trakm8" or the "Group")
Young Marmalade Awards Trakm8 Telematics Contract Extension
Trakm8, the AIM-listed telematics and data insight provider, is pleased to announce it has been awarded a contract extension by Young Marmalade, the UK vehicle insurance company.
The contract extension covers the provision of T10 Micro hardware and data services supplied to Young Marmalade for their Young Drivers Insurance product, first announced by Trakm8 in February 2015. The contract extension is valued at £1.7m.
John Watkins, Executive Chairman of Trakm8 commented:
"We have been working with Young Marmalade for two years providing insurance telematics solutions. We are delighted to extend this relationship as the range of services and demand increases. This contract provides additional visibility for our expectations for this financial year and beyond."
For further information please contact:
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Trakm8 Holdings plc |
+44 (0) 174 785 8444 |
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John Watkins, Executive Chairman |
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James Hedges, Finance Director |
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finnCap (Nomad and Broker) |
+44 (0) 20 7220 0500 |
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Ed Frisby / Simon Hicks - corporate finance |
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Tim Redfern / Richard Chambers - corporate broking |
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MHP Communications |
+44 (0) 20 3128 8100 |
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Reg Hoare |
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Charlie Barker |
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About Trakm8
Trakm8 is a UK based Big Data company utilising telematics as its primary enabler. Through IP owned technology, over three billion miles worth of data is collected annually through its fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.
With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.
The Group's portfolio offers complete telematics solutions including dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.
The Group acquired both Route Monkey and Roadsense Technologies Ltd. Route Monkey has enhanced Trakm8's logistics solution offering route scheduling and optimisation, including routing for electric vehicles. Roadsense has been acquired to strengthen the Group's presence in the SME fleet management market.
Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.
www.trakm8.com / @Trakm8
About Marmalade
Marmalade is the leading provider of car insurance and cars for young drivers. Founded in 2006, it helps young drivers get behind the wheel, keeps them safe, improves their driving skills and saves money.
As a champion of young people, Marmalade provides a range of products that specifically meet the needs of young people - and their parents - today. These include:
· Learner Insurance - is tailor-made for provisional drivers, enabling them to drive a parent's car from as little as £2.05 per day while protecting No Claims Bonus.
· New Driver Insurance - Marmalade offers low insurance premiums from the outset as we trust our customers to be safe and responsible drivers. They are only penalised if they repeatedly drive dangerously, potentially saving hundreds of pounds on premiums. This policy is based on telematics technology - black boxes are installed into the insured car to monitor journeys and to ensure that young person is not driving dangerously. Our black boxes don't have curfews but do provide added security in case of an accident or vehicle theft.
· Fuel & Go - Marmalade is the only UK insurance company to offer free insurance for 17 year olds through its Fuel & Go scheme. The scheme, which uses black box technology, enables young people to buy a new car with free insurance for the first year for a fixed monthly price.
This information is provided by RNS
The company news service from the London Stock Exchange
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