LONDON (ShareCast) - (Sharecast News) - Shipping container tracking technology company T42 has signed an agreement with Overhaul Group, it announced on Tuesday, for the sale of its 'Tetis' tracking and monitoring units, and integration into its supply chain solutions.
The AIM-traded firm said the agreement was for an initial two-year term, and comprised a framework contract for Overhaul to order Tetis units, and for T42 to provide software services.

It described Overhaul as a US-based company that provides a "unified view" of in-transit logistics to detect and correct non-compliance within supply chains.

Using the Tetis units as part of its solutions, the company would be able to provide its customers with a "much higher" level of visibility and control over their cargo performance.

"We are delighted to see that our products are becoming increasingly recognised, in this case, the Tetis, which provides a complete tracking and monitoring solution for container transportation," said chief executive officer Avi Hartmann.

"We believe the increasing need for supply chain visibility in general, and in-land visibility in particular, will support our growth in the near future.

"We see this agreement with Overhaul as an important step in that direction."

At 1115 GMT, shares in T42 IoT Tracking Solutions were up 8.69% at 7.88p.

Reporting by Josh White for Sharecast.com.

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