Seeing Machines (LON:SEE) shares added around 5% after the technology firm revealed it was in advanced talks to extend its tie-up with Caterpillar, the industrial machinery behemoth.
The negotiations could see Caterpillar take over responsibility for manufacturing, marketing and sales for Seeing Machines’ existing DSS fatigue monitoring system for rugged off-road vehicles.
If a deal is secured, it will represent the fourth phase of an existing alliance between Seeing Machines and Caterpillar.
“Seeing Machines will make a further announcement as and when the negotiations are concluded,” the company said in a statement.
On AIM, Seeing Machines immediately rose to an intra-day high of 5.1p, though shortly after steadied to 4.87p which is a 2.6% gain from Monday’s closing price.
The DSS system uses a motion tracking technology and a dashboard camera to automatically monitor drivers for signs of tiredness and fatigue.