has remodeled its Fleet division in order to accelerate the uptake of its driver-monitoring systems, which also include the Guardian and FOVIO systems.
Following an internal review of the Fleet division, the company reduced the team by 30% to “remove cost and right size the business unit” and has primarily pushed business development by expanding its distribution network.
And this expansion can be seen in the more than 1,500 Guardian units installed since the end of January 2019, bringing the total of units installed globally to over 14,500.
The recurring revenue brought in from Guardian services doubled while the company focused on its operational turnaround. Revenue from the combined Fleet business unit to December 31 2018 increased 22.5% to $8.8 million.
Seeing Machines is hoping to take advantage of this momentum, setting milestones of hitting 16,000 installed unites by the end of June 2019 and approximately 27,000 Guardian units by June 2020.
The company maintains they are on track to achieve these goals, largely due to their increased push to complete direct sale with large global customers “who demand consistency across geographic regions,” such as Coach USA, Total, and Chevron.
In the UK, Seeing Machines recently signed an agreement with The Vehicle Group (TVG), which owns and operates over 300,000 vehicles across Europe, to ramp up sales and installation rates in the UK and Ireland.
Paul McGlone, SVP & GM Fleet at Seeing Machines, commented: "After analysing the financial performance of each contract we have modified the Fleet business model to bring forward recurring revenue, the biggest driver of value.
Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners like leading Australian truck insurer, NTI.
Combined with improvements in direct costs, hardware simplification and cost reduction, as well as efficiencies in monitoring services, we expect to deliver scale benefits from 2020."
For more news and updates on Seeing Machines:
Tlou's Managing Director, Mr Tony Gilby said “The Company will now progress with additional work on the ground to deliver a Gas-to-Power solution that can bring significant benefits to the country and to our shareholders. I look forward to updating the market as we continue to develop the project."
Tone Goh, Executive Chairman of GST, commented: "The Company is delighted to have signed this LOI with SIAM. SIAM are one of Thailand's leading business groups and we look forward to working with them to progress this planned data centre project.”
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