viewSeeing Machines Ltd.

Seeing Machines surges as it inks automotive licence deal for DMS technology

Under the agreement, the firm will receive a pre-production licence fee of US$5mln before June 30, in addition to future volume-based royalty payments

Seeing Machines Ltd. - Seeing Machines inks automotive licence deal for DMS technology

Seeing Machines Limited (LON:SEE) has inked a pre-production licence deal for its driver monitoring system (DMS) technology with a major automotive tier one partner.

Under the agreement, the AIM-listed firm will receive a pre-production licence fee of US$5mln before June 30, 2020, in addition to future volume-based royalty payments.

WATCH: Seeing Machines managing cash and 'pushing ahead with its nine production programmes'

It said the deal has been entered into under the terms of a pre-existing non-exclusive collaboration agreement for Seeing Machines’ to provide its DMS tech for an ongoing automotive programme.

"We have been working on a range of opportunities to license our DMS technology across each transport sector and are delighted that the first to be completed is in our Automotive business with a key Tier 1 partner”, Seeing Machines chief executive Paul McGlone said in a statement.

“This approach to doing business is key to long-term sustainability and appropriate management of our balance sheet especially in businesses where revenue tends to be longtail in nature", he added.

The company's shares surged 7% to 1.9p in mid-morning trading on Wednesday.

--Adds share price--

Quick facts: Seeing Machines Ltd.

Price: 2.6 GBX

Market: AIM
Market Cap: £87.5 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Seeing Machines Ltd. named herein, including the promotion by the Company of Seeing Machines Ltd. in any Content on the Site, the Company...



Seeing Machines Ltd 'refocused on fastest route to profitability'

Seeing Machines Limited (LON:SEE) CEO Paul McGlone talks Proactive London's Andrew Scott through its business restructure and additional steps taken to navigate the challenges presented by COVID-19. He says they've managed to cut the cost base by A$12mln and among the initiatives being...

1 week, 5 days ago

2 min read