Micronet Enertec Technologies Inc (NASDAQ: MICT) rose Monday after the company reported a $3.1-million order for its SmartHub-TREQr5 product
The company, based in Montvale, New Jersey, says the order also includes a $100,000 renewable yearly license for Micronet's Guardian System Design (GSD), a cloud based Software-as-a-Service (SaaS) platform which enables remote management of Micronet's products while on the move via Firmware Over The Air (FOTA) updates, resulting in efficiency and significant savings in data plan costs.
This is consistent with Micronet's strategy to combine additional SaaS features into its offerings.
According to Micronet CEO David Markus "We are extremely pleased with the significant increase in orders for our new line of products. Micronet is working on expanding its offerings by adding services and developing applications, internally or via third party application providers and value-added resellers (VARs), in order to provide our customers with more comprehensive solutions.”
The SmartHub-TREQr5 provides a comprehensive suite of fleet management products, which are key assets that help its customers focus on driver safety, efficiency and compliance, ELD and Hours of Service (HOS), driver coaching and fuel reports for local fleets and heavy duty trucks and equipment.
SmartHub-TREQr5 improves efficiencies and safety for trucking and other fleet management operations, while also bringing truckers into compliance with the federal ELD mandate set for enforcement by the end of this year.
Shares in the company have been buffeted about by the vissicitudes of the market, lurching to a low of 65 cents last week to a high of around $1.89 last October. They sprang to life Monday by 19 cents, or 27.2%, to 87 cents.
