Published: February 16, 2023 at 4:03 am ET
By Ian Walker
T42 IoT Tracking Solutions PLC said on Thursday it is looking at funding options to support an expansion into a new lease business model, which has already been taken over by a US company.
The UK tracking service provider said that under the new model, it is offering services by structuring payments…
By Ian Walker
T42 IoT Tracking Solutions PLC said on Thursday it is looking at funding options to support an expansion into a new lease business model, which has already been taken over by a US company.
The UK tracking service provider said that under the new model, it is offering services by structuring payments for both hardware and SaaS fees on a monthly payment basis like a lease. He said the new model has been well received by existing and potential new customers.
The US company, which has adopted the new payment structure, has indicated it is likely to place further orders this year, she said.
T42 said it is targeting significant revenue improvement this year based on continued business with existing customers, including continued SaaS revenue.
The company expects to report revenue for the year ended Dec. 31 of $4.0 million, compared with $4.2 million in 2021. It said 2022 revenue includes $2.0 million in SaaS revenue.
Write to Ian Walker at ian.walker@wsj.com
