Shares of BSM Technologies (TSXV:GPS)have been taking to the stratosphere since November, nearly tripling in the process.
Today the company is tacking on another gain after announcing it has been awarded a contract to provide its asset tracking solution, Sentinel FM, to a major Canadian utility, which it did not name. The contract is worth $3-million, $1.1 of which will be recognized immediately.
BSM CEO Aly Rahemtulla said the deal proves BSM’s mettle in the enterprise world.
“This is a significant contract for us both in terms of financial value and client profile,” he said. “With this win we continue to demonstrate that our robust product offering can meet the demands of large enterprise clients in rigorous industries.”
Founded in 1997, Woodbridge Ontario’s BSM sells GPS technologies that manage large fleets of trucks and secure other mobile assets, monitor fixed assets and automate vehicle security.
The units being installed for today’s contract are the company’s new SFM 7000 model, which management says has unique data capture capabilities designed for the telematics needs of large enterprise clients. Under the terms of the deal, BSM will equip 1,289 Sentinel FM units and will provide three years of service.
At press time, shares of BSM Technologies were up 5.7% to $1.67.