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Buddy Platform shares rise on contract with major U.S. company

Buddy Platform (ASX:BUD) has executed a new contract with Thor Industries (NYSE:THO) totalling up to A$2.1 million over 18 months, the bulk of which will be recognized in calendar year 2017.
Buddy Platform shares rise on contract with major U.S. company
Buddy Platform shares rise on contract with major U.S. company

The company’s shares are up 8.6% intra-day, currently trading at A$0.063 on the ASX.

Buddy is a provider of data aggregation and management platforms for internet of things (IoT) and connected devices.

The new contract brings Buddy’s total contracted value with Thor Industries, a manufacturer of recreational vehicles, to A$2.25 million.

The project, which builds upon the existing customer relationship between Buddy and the customer, deploys Buddy-powered smart city and connected residential technologies.

This innovative solution will unlock many new user experiences for Thor Industries by leveraging Buddy’s monitoring technologies and the flexibility of the core Buddy Platform.

The new statement of work provides for A$1.8 million of contracted commitments starting immediately, and running through the end of May 2018.

Thor Industries has flagged an interest in optionally purchasing an additional component valued at nearly A$350,000 prior to December 2017.

A further ongoing platform and application services component of more than A$250,000 will apply from June 2018 if the customer wishes to continue with the provision of services by Buddy.

Importantly, devices or hardware components required by Thor Industries will be incremental to these figures.

Earlier this week, Buddy terminated the proposed transaction to acquire energy and water monitoring specialist Noveda Technologies.

The company remains committed to bringing an alternatively sourced solution to market that will meet the needs of customers in this space.

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