Announcement
Trakm8 Holdings PLC : Contract Award
RNS Number : 8264W
Trakm8 Holdings PLC
20 April 2023
20 April 2023
Trakm8 Holdings plc
("Trakm8", the "Group" or the "Company")
Contract Award
Trakm8 Holdings plc (AIM: TRAK), the global telematics and data insight provider, is pleased to announce that the Company has been awarded a new contract with Freedom Services Group.
Under this contract, Trakm8 will provide insurance data services and devices to Freedom Connect, including Trakm8's advanced connectedcare data sets and FNOL (First Notification of Loss) crash algorithm. The contract is for an initial term of three years.
This contract is expected to generate revenues in excess of £6m over the first three years.
John Watkins, Trakm8's Executive Chairman, commented "We have been supplying devices and data to Freedom for some two years via a third party and more recently directly and this contract increases the demand and secures our position with one of the UK's fast growing and most successful insurance MGAs. This contract helps to underpin the Board's expectations for the growth of Trakm8's insurance business."
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For further information:
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Trakm8 Holdings plc |
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John Watkins, Executive Chairman |
Tel: +44 (0) 1675 434 200 |
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Jon Edwards, Chief Financial Officer |
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Allenby Capital Limited (Nominated Adviser & Broker) |
Tel: +44 (0)20 3328 5656 |
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David Hart/ Vivek Bhardwaj, Corporate Finance |
www.allenbycapital.com |
About Trakm8
Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group uses AI data analytics collected from its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.
The Group's product portfolio includes the latest data analytics and reporting portal (Trakm8 Insight), integrated telematics/cameras/optimisation, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 318,000 connections.
Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Sainsbury's, Saint Gobain, EON, Iceland Foods, GSF, Direct Line Group, Ticker and Ingenie.
Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005. Trakm8 is also recognised with the LSE Green Economy Mark.
www.trakm8.com / @Trakm8
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