t42 IoT Tracking Solutions PLC is delighted to announce a significant new agreement for the provision of advanced tracking solutions to a leading petrol and diesel transportation organisation in Mexico. The agreement, with t42's distributor in Mexico, is expected to be valued at over $1m in hardware sales, and is expected to generate additional significant SaaS revenues, subject to full deployment, installation and operation of the hardware units. The agreement sets out a phased deployment of t42's advanced tracking devices across a substantial segment of the end-user client's Mexican transportation fleet.

A first order has been received for approximately $80k and, following installation of these initial units, the next hardware order is expected to be for a value of approximately $0.5m. The client is Mexico's leading petrol and diesel transportation cooperative organisation, responsible for over 60% of all petrol and diesel transportation and storage in Mexico. Mexico has the second highest number of traffic fatalities in Latin America which is estimated to have negatively impact annual GDP by 1.7% (over $17bn losses) in 2022.

The client had previously sought to have tracking solutions installed however, due to complexities with the installation process and an inability to upgrade, this was not a viable solution at that time. T42, along with its local partner in Mexico, submitted an NRE (non-recurring engineering) proposal for a new product based on a single solution combining both speed limiters and vehicles fleet management. Following several months of development, t42 produced a completely new product, and has completed a 12 month trial implementation of the t42 solution.

The client has reported a significant outcome: zero accidents and a 100% success rate in preventing incidents that would have previously led to significant losses and insurance claims.