Business
Five year License Renewal with Caterpillar
Five year License Renewal with Caterpillar.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n\n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n26 June 2024\n \nSeeing Machines secures US$16.5 million payment as part of five year License Renewal with mining giant Caterpillar\n \nRevised Agreement also opens up significant untapped market for Seeing Machines' Guardian Generation 3 solution\n \nFY2024 Pre-Close Trading Outlook Update\n \nSeeing Machines Limited (AIM: SEE, \"Seeing Machines\" or the \"Company\"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces that it has signed a new Master License and Marketing Agreement with global mining company Caterpillar Inc (\"Caterpillar\") covering the next five years (the \"Revised Agreement\"), as the existing agreement was set to expire in August 2024. \n \nKey elements of the Revised Agreement:\n \n· Up-front license fee payment of $16.5 million related to Guardian technology\n· Certain fields of use released for Seeing Machines to leverage\n· Further co-development of driver safety technology to be undertaken\n \nAs part of the Revised Agreement, Caterpillar will make an up-front license payment for technology related to Guardian operator monitoring products, delivering a one-off cash payment of US$16.5 million to Seeing Machines.\n \nThe Revised Agreement also enhances marketing cooperation between the companies to better serve their respective customer bases and improve coordination in the pursuit of under-served opportunities. The changes open up access for Seeing Machines to sell its Guardian solution for on-highway vehicles directly and through its distribution network to select customers in many market segments of the General Construction and other core industries. \n \nThe Revised Agreement also makes provision for further co-development of driver safety technology, based on Seeing Machines' Intellectual Property to deliver smarter, more sophisticated, and competitive products to the heavy equipment sector. This co-development will proceed through specific development projects to be defined and priced individually. Caterpillar will continue to purchase and distribute Guardian Generation 2 directly or thro...