Shares in FireAngel Safety Technology Group PLC (LON:FA.) soared on Wednesday after it signed a partnering deal with Mears (LON:MER), which is responsible for the maintenance, repair and upgrade of over 700,000 properties across the UK.
The deal will see the home safety product group supply Mears with an integrated, connected home management system using FireAngel’s wireless interlink technology to link its smoke, heat and carbon monoxide alarms to a cloud-based system, which will remotely monitor them and send instant notifications to Mears.
READ: FireAngel launches extended product range
The system includes a touch screen smart panel and a home automation hub which enables continuous monitoring by Mears of the company’s alarms located within its clients’ properties. FireAngel and Mears plan to jointly develop the bespoke interface required to integrate the System with Mears' management control system.
“By integrating our technological expertise in the home safety sector into Mears’ solution, we believe that FireAngel can significantly enhance the quality of service and support through a range of connected safety monitoring devices for housing tenants across the UK,” FireAngel’s executive chairman Graham Whitworth said in a statement.
“We see the system as the enabling technology that will allow FireAngel to capitalise on the wealth of opportunities in the UK trade sector and generate increased sales of our higher value trade alarms and devices,” he added.
FireAngel will charge Mears a monthly subscription fee per connection, giving the company a recurring revenue stream and increased the visibility of future revenues. Mears has committed to deliver a minimum number of connections during the terms of the deal, which will last at least three years.
“We are witnessing a transition to integrated technologies and the FireAngel system will enable us to centralise those technologies into one central hub. We look forward to introducing the FireAngel solution to our clients across the footprint,” Mears’ CEO David Miles said in the statement.
Shares in FireAngel were 21% up at 70.70p in early trade, while Mears shares were 3.5% up at 387p.