Trakm8 Holdings PLC Contract Award (8264W)

TIDMTRAK

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 GBP6m 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:

 
Trakm8 Holdings plc 
John Watkins, Executive Chairman       Tel: [phone] 
Jon Edwards, Chief Financial Officer              www.trakm8.com 
 
Allenby Capital Limited (Nominated      Tel: [phone] 
 Adviser & Broker) 
David Hart/ Vivek Bhardwaj, Corporate     www.allenbycapital.com 
 Finance 
 Tony Quirke/ Joscelin Pinnington, 
 Sales and Corporate Broking 
 

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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April 20, 2023 02:00 ET (06:00 GMT)