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Seeing Machines Ltd - Fleet Update

RNS Number : 3419M
Seeing Machines Limited
28 July 2017
 

Seeing Machines Limited

("Seeing Machines" or the "Company")

 

Seeing Machines Fleet Update - 30 June 2017

 

28 July 2017

 

Seeing Machines (AIM: SEE), an industry leader in computer vision based technologies which enable machines to see, understand and assist people, is pleased to issue a Fleet Business Update for the period ending 30 June 2017.

We are pleased to announce that the strong business momentum has continued with bookings of new multi-year Guardian SaaS (Safety-as-a-Service) contracts. Since the period of the half-year results, Guardian has added bookings of a further AUD 13 million of total contract value* to the business, bringing the total contract value as of the year end (June 30, 2017) to over AUD 29 million. The Company now has over 130 Guardian customers globally and this continues to grow rapidly as Guardian has now launched in the UK. Asia Pacific continues to gain momentum and many US based customer assessments are being finalised in the next quarter with confidence of a high conversion rate into sales contracts, based on experience to date.

The Guardian SaaS business transformation from hardware sales to long-term contracted, recurring monthly revenue streams for service provided, delivers high revenue visibility with average contract terms ranging between 36 and 60 months. Beyond that Telematics industry experience would predict further rollover extensions to extend substantially, though that is not modelled into TCV.  We are focused on continuing to grow our direct customer base as we focus future growth initiatives on new distributor channel partners and new major Telematics partners such as Mix Telematics recently announced.

 

For access to the current Fleet Update, please click here or visit www.seeingmachines.com/announcements.

 

* Total contract value refers to total value of hardware fees plus ongoing monitoring fees for total life of all current Guardian system contracts, average being 36 months.

 

Enquiries:

 

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700

 

 

Mike McAuliffe, CEO

[email protected]

Media enquiries

 

[email protected]

 

finnCap Ltd

 

Ed Frisby / Emily Watts, Corporate Finance

+44 20 7220 0500

Tim Redfern / Richard Chambers, Corporate Broking

 

 

 

Canaccord Genuity Limited

 

 

 

Simon Bridges

+44 20 7423 8000

Richard Andrews

Alexander Napier

 

 

 

 

About Seeing Machines

 

Seeing Machines, (AIM: SEE) is an industry leader in computer vision based technologies which enable machines to see, understand and assist people. With more than 17 years of deep domain experience, Seeing Machines deploys its proprietary computer vision platform to deliver precision tracking and analysis of heads, faces and eyes. A primary application today is Driver Monitoring Systems (DMS) to detect and manage drowsiness, distraction and other cognitive states which is key to the safe adoption of Automotive ADAS and Autonomous Driving as well as our pioneering Guardian Fleet safety solution.  A further application is real-time delivery of precision eye tracking in real world conditions, such as normalizing for all light conditions, required for next generation displays and human machine interfaces. The company delivers its Machine Learning Vision platform in a range of solutions from Embedded software to Fovio processors to Guardian Fleet products, delivering its roadmap of human sensing and understanding. Guardian combines an in-cabin safety intervention system with cloud telematics monitoring & analytics services, which prevents accidents and saves costs and lives. Seeing Machines' technology has been adopted by global industry leaders across the market spectrum. Seeing Machines is headquartered in Canberra, Australia and currently has offices and people in Melbourne, Tucson, Silicon Valley, Detroit and the UK.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Seeing Machines Ltd.

Price: 4.5985

Market: AIM
Market Cap: £154.75 m
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