This contract will see the company providing the organization with license plate and facial recognition capabilities for their police vehicles. The update to these vehicles is expected to be completed within the next 120 days. It’s working with Brazil system integrator iProp.Tech to add the functionality.
Remark is set to benefit from the contract for its AI capabilities as the contract is worth $6 million. The fine details of the contract have it set for 30 months with recurring revenue. Following the successful test of the first phase, Remark could generate additional revenue in Phase 2 and Phase 3 of the contract.
Eduardo Ventura, CEO of iProp.Tech, said this about the deal.
“With 26 states in Brazil, and only two states at this moment looking for these AI solutions, we have a lot of ground to cover. Since São Paulo and Rio De Janiero are the most influential states in Brazil, we have no doubt that the remaining states will start inquiring about the same solutions.”
MARK Stock Movement On Wednesday
Following news of this contract, shares of MARK stock are seeing incredibly heavy trading on Wednesday! As of this writing. some 21 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is about 344,000 shares.
MARK stock is down 2.6% Wednesday afternoon following a rally earlier this morning.
Investors will want to keep reading for more of the most recent stock market news!
There’s plenty of market coverage that traders need to know about on Wednesday! Ours includes what’s happening with Marker Therapeutics (NASDAQ:MRKR) and Bowlero (NYSE:BOWL) stock, as well as other companies today. All of that news is ready to go at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.