IoT software and solutions provider Internet of Things Inc. (TSX-V:ITT)(OTC:INOFT) has partnered with Weather Telematics (WTX) on a global distribution plan hoped to expand customers of WTX's technology.
WTX, a maker of artificial intelligence-based real time and predictive road weather conditions and dynamic routing solutions, has a portfolio of products built upon its proprietary sensor systems and AI applications.
This summer, the two companies were in discussions for Internet of Things to buy WTX for $3.0 million, a deal that was ultimately abandoned in favor of this distribution agreement. ITT says that it is in negotiations with Fortune 100 companies currently about deploying WTX products for an array of uses, including , but not limited to, logistics, insurance, safety, navigation and autonomous vehicles.
Separately, ITT reported that it is expanding its New Hope Group JV partnership and conducting due diligence for potential investments in blockchain technologies as they relate to IoT.
Shares jumped in early trading on Wednesday following the news, printing a five-and-a-half-month high at 12 cents after closing at nine cents on Tuesday. With about two hours left in the trading session, the gains have been pared back to 11.1%, with shares holding at a dime each.
