WOODCLIFF LAKE, N.J. — I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, today announced that it has been awarded a contract by a leading publicly-held transportation services company to deploy I.D. Systems' VeriWise(TM) Track and Trace system on a diverse fleet of cargo-carrying assets, including dry vans, flatbeds, and refrigerated trailers. The contract covers a total of approximately 1,000 assets for a three-year term. The contract is not expected to materially impact revenue for the current quarter, but will increase the company's recurring revenue stream.
VeriWise Track and Trace provides real-time GPS location data via cellular communications and web-based software to improve the security and efficiency of freight transportation fleets. The system is designed for quick, flexible installation on virtually any asset, with patented power management technology to provide exceptionally long battery life and maintenance-free operation.
Under the contract, I.D. Systems will integrate Track and Trace data into the customer's existing cloud-based Transportation Management System.
Jeffrey Jagid, I.D. Systems' chairman and CEO, said, "This contract reflects the unique position of our VeriWise Track and Trace system in the competitive marketplace. It provides our customers with an affordable, easily installed, high quality, effective means of tracking and managing virtually any type of transportation asset. In addition, we can help our customers integrate the data we collect into their legacy management systems. This customer has been growing rapidly within a lean operational framework, and Track and Trace is a best-practice technology that will help the customer proactively manage its assets."