This essentially opens up a new sales channel for Connected IO, and it is a significant one given the major US telco has a 3,000+ person sales force.
Shares were up 20% to 3 cents later morning.
Connected IO operates in the multi-trillion dollar internet-of-things (IoT) sector
Connected IO is a wireless technology innovator and manufacturer selling products such as modems, antennae and routers.
Essentially, these products connect ‘things’ to the internet, or a network.
It specialises in machine to machine (M2M) connectivity, providing hardware and software solutions to some of the world’s largest companies.
For example, the company’s products can be used to connect vending machines to a network.
Last month, the company revealed that the trials of its custom category 1 routers have been successful and signed off by a US-based cyber security company.
The company has received an upfront payment of $235,000 and the parties are now proceeding to complete a formal contract.
Record quarterly purchases achieved in December
The company endured a solid growth phase in the recent December 2017 half receiving a number of long-term purchase orders.
Revenues for the half more than doubled to $741,000 on the prior corresponding period.
Notably, it achieved record December quarter purchase orders of $1.91 million.