Trakm8 Holdings PLC Contract Announcement (6934E)

TIDMTRAK

RNS Number : 6934E

Trakm8 Holdings PLC

12 February 2015

 
12 February 2015 
 

TRAKM8 HOLDINGS PLC

("Trakm8" or the "Group")

Marmalade signs partnership with Trakm8

Trakm8, the AIM-listed telematics and data provider to the global market place,is pleased to announce it has been awarded a contract by Marmalade, the specialist provider of cars and insurance for young drivers. The initial contract order is valued at GBP1 million which will be realised within the next financial year.

Established in 2006 and with over 50,000 customers, Marmalade will be provided with Trakm8's recently launched T10 hardware as well as its telematics data services. The contract will support Marmalade's New Driver Insurance product, a telematics-based insurance scheme for young drivers aged between 17 and 25. New Driver Insurance is also used for Marmalade's Fuel & Go, a scheme that offers young drivers from the age of 17 a brand new car with 12 months' free insurance from as little as GBP175 per month.

This is another significant insurance company to choose Trakm8 for telematics devices and data services.

John Watkins, Executive Chairman of Trakm8 commented:

"We are delighted to have Marmalade as a new insurance customer. To have another insurance company selecting Trakm8 as a telematics partner is a validation of our insurance solution offering, and reflects the extensive research and development programme Trakm8 have undertaken to be the best partner in the industry."

Nick Moger, Chairman of Marmalade commented:

"Following a thorough analysis of the possible suppliers, I am confident we have created a platform to provide even better service options for our customers using Trakm8's superior telematics offering. We are particularly pleased as Trakm8 offers British manufacturing facilities, which is an important factor for our business as we gear up for further growth in the coming year."

-ends-

For further information please contact:

 
 Trakm8 plc                              01747 858444 
 John Watkins, Executive Chairman 
 James Hedges, Finance Director 
 MHP Communications                      020 3128 8100 
 Reg Hoare / Vicky Watkins 
 
 finnCap                                 020 7220 0500 
 Ed Frisby / Christopher Raggett - corporate finance 
  Jo Weaving - corporate broking 
 

About Trakm8

Trakm8, the M2M telematics company using Big Data analytics to improve driver behaviour is a leading technology designer, developer and manufacturer of telematics products and solutions.

The Group, based in Shaftesbury, Dorset, distributes its hardware and software through a network of distributors worldwide. In addition the Group provides vehicle monitoring and tracking services direct to the B2B market. Trakm8's IP owned products and services allow vehicles and drivers to be monitored, allowing organisations to manage deliveries and services, or track stolen vehicles down to five metres.

Recently Trakm8 have developed the T10 product range, which includes a self-installed telematics device. The Group's services also include driver behaviour management solutions that can reduce fuel consumption by 10% or more, reduce risk of accidents, logistics routing & scheduling packages, and tachograph data reporting. The Group's customers include Direct Line Group, Eon, the AA, Fujitsu and Kubota.

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

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 GBP2.05 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.

www.wearemarmalade.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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