Seeing Machines Limited SEE & Caterpillar Sign Global Agreement (8967Y)
14 September 2015 - 4:00PM
UK Regulatory
TIDMSEE
RNS Number : 8967Y
Seeing Machines Limited
14 September 2015
Seeing Machines and Caterpillar sign global agreement for
product development, licensing and distribution
Caterpillar to take over manufacturing and sales of Seeing
Machines' DSS product, plus award of Fleet product distribution
rights
14 September 2015
Seeing Machines (AIM: SEE), the AIM-listed company with a focus
on operator monitoring and intervention sensing technologies and
services, is pleased to announce that it has signed a global
product development, licensing and distribution agreement with
Caterpillar Inc., as the final phase of the alliance between the
two companies announced in May 2013. Under this new agreement,
Caterpillar will take over responsibility for manufacturing,
marketing and sales of Seeing Machines' existing DSS rugged
off-road product. In addition, Seeing Machines and Caterpillar will
work together to develop new innovative products. Caterpillar will
market DSS and Seeing Machines Fleet products for in-cab operator
fatigue and distraction monitoring solutions in the agreed
Caterpillar industries. Finally, Caterpillar will also have
distribution rights for Seeing Machines Fleet product, exclusive
within agreed Caterpillar industries and nonexclusive outside these
industries.
Global Agreement
Seeing Machines' DSS rugged off-road product, under license to
Caterpillar, will be available exclusively through Cat(R) Dealers
across Caterpillar's broader industries; including mining,
construction, quarry, aggregates, cement, and forestry.
Caterpillar will pay Seeing Machines US$17.5M over four years as
well as royalty fees for DSS hardware, software licensing,
monitoring and analytics services. Caterpillar will also purchase
existing inventory of DSS units from Seeing Machines. Current DSS
customer agreements will be transitioned to Caterpillar and
supported by Caterpillar dealers. Additional consulting services,
system monitoring and data analysis will be offered by Caterpillar
Safety Services.
Seeing Machines CEO, Ken Kroeger said: "This is a pivotal moment
in the history of Seeing Machines; the realisation of several years
of hard work for both companies. Caterpillar is capable of
maximising the return on the DSS technology; their reputation,
reach, capability and commitment will deliver great outcomes for
both companies and for the world's mining and construction related
companies."
Seeing Machines Fleet Distribution Rights
In addition to the rugged off-road DSS product, Caterpillar will
also distribute Seeing Machines' Fleet product, exclusively within
agreed Caterpillar industries and nonexclusive outside these
industries. Seeing Machines and its other distribution partners
will continue to market and sell the Fleet product into the broader
commercial road transport market.
Transition of CAT Alliance
In May 2013, following early commercialisation activities and
years of intensive development of the DSS and DSSi product suite,
Seeing Machines and Caterpillar Global Mining entered into a
four-phased alliance agreement to deliver and support DSS operator
fatigue monitoring technology through global Cat(R) Dealers. In
parallel with this agreement Seeing Machines will continue to work
with Caterpillar's wholly owned subsidiary, Electro Motive Diesel,
to assess and develop operator monitoring technology solutions for
the rail industry, under the alliance agreement with EMD announced
in September 2014.
Enquiries:
Seeing Machines Limited
Ken Kroeger, Managing +61 2 6103 4700
Director and CEO Ken.Kroeger@seeingmachines.com
James Walker, Finance +61 2 6103 4700
Director James.Walker@seeingmachines.com
US media inquiries: +1 732 620 0033
Anne Donohoe Anne.Donohoe@seeingmachines.com
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts
Corporate Finance +44 20 7220 0500
Joanna Weaving, Corporate
Broking
Newgate, Investment Communications for Seeing
Machines
Robyn McConnachie Tel: +44 20 7653 9852 /
Mob: +44 7540 706 191
Tim Thompson Robyn.mcconnachie@newgatecomms.com
Lois Engstrand Tel: +44 20 7653 9858 /
Mob: +44 7710 718 649
Tim.thompson@newgatecomms.com
Tel: +44 20 7653 9844 /
Mob: +44 7540 248 478
Lois.engstrand@newgatecomms.com
About Seeing Machines
Seeing Machines, (AIM: SEE) is focused on operator monitoring
and intervention sensing technologies and services. With more than
15 years of experience, Seeing Machines uses advanced detection and
prevention safety assistance technologies to track eye and facial
movement in order to monitor fatigue, drowsiness and distraction
events, such as microsleeps, texting and cell phone use as they
occur, while providing for a real-time intervention strategy, which
improves operator, driver and environmental safety, preserves
assets, and reduces risk. Seeing Machines' technology is used
worldwide across the automotive, mining, transport and aviation
industries; as well as many of the leading academic research groups
and transportation authorities. Seeing Machines is headquartered in
Australia and has offices in Tucson, Arizona, Mountain View,
California and Santiago, Chile. The Company has strategic alliances
or supply agreements with Caterpillar, Electro Motive Diesel,
Boeing, Takata, SEMCo and Eye Tracking Inc.
This information is provided by RNS
The company news service from the London Stock Exchange
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