ORBCOMM and Terex Expand Relationship
ROCHELLE PARK, NJ, July 28, 2020 (GLOBE NEWSWIRE) -- ORBCOMM Inc. (Nasdaq: ORBC), a global provider of Internet of Things (IoT) solutions, today announced that it has expanded its long-standing agreement with Terex Corporation (Terex), and extended the service term of ORBCOMM’s factory installed telematics solution to its customers. As part of the agreement, ORBCOMM and Terex will also collaborate on continued technology innovation for ORBCOMM’s industry-leading heavy equipment IoT device and cloud-based data reporting and analytics platform.
Through this enhanced agreement, Terex will extend its commitment to its customer base for their use of ORBCOMM’s telematics system for seven years, with an automatic renewal for four additional years. By extending contracts, Terex will drive its continued growth and broaden its telematics offering to satisfy dealers and end-user customers as their needs shift in the future. Terex will offer ORBCOMM’s telematics system as standard across several different brands in Terex, including Powerscreen® Terex® Finlay, CBI®, Terex® Ecotec and EvoQuip.
Terex will also migrate to ORBCOMM’s next generation OEM platform, FleetEdge 4, which has been customized to meet their specific needs for easily monitoring various types of heavy machinery, increasing operational efficiency and providing significant cost savings to Terex’s customers. ORBCOMM’s FleetEdge 4 platform features an improved user experience with incremental key features, including dynamic dashboards, filters and custom reports, enabling fleet managers to gain deeper insight into how their machines and entire fleets are performing. By accessing increased data and utilizing the platform’s advanced analytics, Terex customers can more effectively manage preventive maintenance, optimize fuel consumption and increase asset utilization. ORBCOMM will continue to develop the FleetEdge platform to support Terex’s future needs, including expanded machine data collection and more robust analytics.
As part of their long-term investment in ORBCOMM’s IoT technology, Terex will offer factory installed deployment of ORBCOMM’s new global telematics device on its heavy machinery, ensuring that Terex’s equipment can operate anywhere in the world for years to come. In addition to providing connectivity on global LTE bands, ORBCOMM’s dual-mode evice provides seamless fallback to multi-band 3G and 2G networks if 4G is not available, and to satellite when out of cellular coverage, which greatly simplifies logistics and distribution and lowers the cost of global deployments for Terex. Terex will standardize ORBCOMM’s global IoT device across a number of their telematics-enabled machines.
“ORBCOMM’s enhanced agreement with Terex solidifies their commitment to their heavy machinery customers around the world by leveraging our best-in-class, dual-mode IoT technology,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “The unique combination of our global telematics device and next-generation data reporting and analytics platform customized for Terex enables customers to track, monitor and control their assets seamlessly into the future.”
“Telematics is more important than ever right now. Being able to stay connected with your equipment, manage logistics, access critical machine information and perform remote operator support is vital,” said Paul Morris, Telematics Manager for Terex. “Terex is pleased to deliver ORBCOMM’s latest IoT technology to its global customers and leverage the critical data insights to drive further improvements in our machinery, including increased reliability, uptime and fuel efficiency.”
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/012479e3-0780-415d-b444-4e776ec930f5
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