Contract Extension

RNS Number : 8987D

Trakm8 Holdings PLC

03 May 2017

 

TRAKM8 HOLDINGS PLC

("Trakm8" or the "Group")

Direct Line Group 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 Direct Line Group, the UK's leading motor vehicle insurance company.

The contract extension covers the provision of T10 hardware and data services supplied to Direct Line that was first announced by Trakm8 in January 2014. The new extension will extend the contract until April 2020.

Trakm8 have over 110,000 devices reporting in insurance applications built from a zero base three years ago and Direct Line are a significant part of this.

John Watkins, Executive Chairman of Trakm8 commented: 

"We have been working with Direct Line for 3 years providing insurance telematics solutions. We were the first company to offer a plug in self fit device in volume in the UK and the success of the product has resulted in this contract being extended for a further 3 years. We are delighted to continue this relationship as the demand increases. This contract provides additional visibility for our expectations for the financial year and beyond."

Dan Freedman, Director of Motor Insurance commented:

"We have been pleased to extend the contract with Trakm8 for a further 3 years. We expect to continue to deploy market leading telematics solutions in conjunction with them and the Floow, as Apps and data analytics provider."

For further information please contact:

Trakm8 Holdings plc	[phone]
John Watkins, Executive Chairman
James Hedges, Finance Director
finnCap (Nomad and broker)	[phone]
Ed Frisby / Simon Hicks - corporate finance
Tim Redfern / Richard Chambers - corporate broking
MHP Communications	[phone]
Reg Hoare
Charlie Barker

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

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

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