ASX-listed Internet of things company Connected IO has entered into a strategic partnership with major US IT firm Netsurion to collaborate on a line of customised wireless routers in a deal worth $1.8 million over three years.
In a market update on Monday, Connected IO confirmed it had entered into the partnership with Netsurion, a Florida-based it networking company that produces managed network connectivity, security and compliance solutions across North America.
Perth listed Connected IO said it would design and manufacture a purpose-built family of “4G LTE enabled edge appliances” for specific business applications to reduce labour costs and enable cloud-managed network orchestration.
Connected IO’s internet of things devices will support Netsurion Connect, an e-solution from Netsurion that combines network connectivity, resilience, security, and management for distributed enterprises and “internet of things” environments, Connected IO said.
According to Connected IO management, Netsurion will purchase a minimum number of the company’s wireless units that should result in top line revenues of $1,875,000 over three years.
Connected IO CEO Yakov Temov said: “Netsurion has been a valued customer for Connected IO for a number of years now (and) this expanded relationship has allowed us work directly with the Netsurion team to execute on a complete end to end solution combining hardware, software and services”.
Commenting on the deal, Netsurion CEO Kevin Watson said: “We needed to provide a family of high performance edge appliances to our enterprise customers. We were able to collaborate with Connected IO and leverage their expertise in designing and developing IoT products”.
The impending deal is another sign that Connected IO’s internet of things modem-like devices, appear to be hitting the mark with the market.
They provide a user with the ability to control or monitor a machine remotely over the internet and are now used in a wide array of commercial operations.
In a relatively short time, Connected IO has amassed a high-profile list of blue-chip clients including US telcos AT&T and Verizon, Mach Networks, US electronics giant Arrow, Coca-Cola, LG and The Red Cross.