Trakm8 Holdings PLC (AIM:TRAK) shares rose 4% in Thursday morning trading on news the global telematics and data insight provider has been awarded a new contract with Freedom Services Group.
Under the 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 company said the contract is expected to generate revenues in excess of £6mln over the first three years, its initial term.
In a statement, 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."
Around 9.30am in London, TrakM8 shares were 4.1% higher at 19.00p.