MONTVALE, N.J., Aug. 18, 2020 /PRNewswire/ -- MICT, Inc. (NASDAQ:MICT) (the "Company"), announced today that its subsidiary Micronet Ltd. ("Micronet") has received the first significant order for its new, highly innovative video telematics product, SmartCam, which integrates advanced software and AI functionality to serve the fastest growing segment of the estimated $45 billionglobal telematics market. SmartCam, which received U.S. Federal Communications Commission (FCC) authorization for 2.4GHZ,5GHZ and LTE, subsequently entered a pilot trial with a global telematics provider, an ongoing customer of Micronet, leading to this first substantial order for SmartCam in the North American market.
"We expect to ship and book revenues for this sizeable order towards the end the year, and we are hopeful that this sale to a major global telematics player will lead to even more substantial orders in 2021. Micronet is currently piloting SmartCam with numerous other customers. Some of these pilot trials were interrupted due to COVID-19 and are now back on track. We are great believers in this product and anticipate more conversions of pilot trials into orders later in 2020 and into 2021. Micronet's product portfolio comprises an increasing number of technologies like SmartCam that integrate advanced AI and SAAS with camera technology that is designed to improve driver safety and fleet overnight, thereby transitioning its business into a software-driven recurring revenue model," stated MICT's CEO, Darren Mercer.
"This first major sale justifies our recent investment into Micronet, and we believe MICT's investment has enabled Micronet to service these kinds of orders," Mr. Mercer concluded.
We believe SmartCam is a world pioneering, all-in-one video telematics device. An open and powerful Android platform, ruggedized, integrated, and ready-to-go smart camera supporting complete telematics features designed for in-vehicle use. SmartCam integrates driver facing cameras, road facing cameras, vehicle mechanical and operating data, vehicle location, and a powerful telematics on-board computer, enabling local processing of AI and image processing algorithms. Micronet's SmartCam provides a versatile, advanced, and affordable mobile computing platform for a variety of fleet management and video analytics solutions. The powerful computing platform, coupled with the Android 9 operating system, allows fleet managers to run their own applications or pick and choose a set of applications and services from Micronet Marketplace.