Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has signed a new master licence and marketing agreement with global mining equipment giant Caterpillar Inc (NYSE:CAT, ETR:CAT1), securing a $16.5 million upfront payment.
This renews a previous deal for the company's in-cab Guardian driver monitoring tech set to expire in August and extends the collaboration between the two companies for another five years.
Additionally, the new contract expands Seeing Machines' access to various markets. The company can now sell its Guardian solution for on-highway vehicles directly and through Caterpillar's distribution network.
This opens significant opportunities in general construction and other core industries, allowing the UK-listed technology group to tap into previously under-served segments.
Caterpillar will continue to purchase and distribute Guardian Generation 2 products directly or through its independent worldwide dealer network.
CEO Paul McGlone said: "Following the launch of the Guardian Generation 3 product earlier this year, and the renewal and expansion of our exclusive arrangement with Caterpillar, I believe we are well placed to take advantage of the regulation-driven demand for our technology across customers in these vertical industries."