Harvest Technology (ASX:HTG) joins Inmarsat’s maritime network

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Harvest Technology (ASX:HTG) joins Inmarsat’s maritime network

ASX, HTG, maritime licences, Inmarsat
Image source: © Sasinparaksa | Megapixl.com

Highlights

  • Harvest Technology Group has signed an agreement with Inmarsat Global to join its maritime Certified Application Provider (CAP) network.
  • HTG shares surged by 5% on the ASX following the ASX announcement.
  • With the agreement, Harvest can expand its global market penetration.

Remote field service provider, Harvest Technology Group Limited (ASX:HTG) has signed an agreement with Inmarsat Global to join its maritime Certified Application Provider (CAP) network.

HTG shares surged by 5% following the ASX announcement and closed 2.631% higher at AU$0.195 per share, with a market cap of AU$103.36 million.

The agreement with Inmarsat Global

Harvest Technology has signed a master service agreement with Inmarsat to join its new maritime initiative as CAP. Through the CAP network, Harvest’s technology combined with Inmarsat’s fleet connect service will be offered to Inmarsat’s customers, and Inmarsat will market and promote the solutions to its customers. Afterwards, leads will be channelised to Harvest for conversion.

With the MSA agreement, Harvest can expand its global market penetration along with diversification of revenue stream and customer base.

Moreover, the MSA agreement enhances Inmarsat and Harvest’s relationships. Harvest is also a member of the Inmarsat Enterprise Application and Solution Provider program, and also, both companies are development partners on the VELARIS network.

About Fleet Connect

Fleet Connect service is a bandwidth service that connects the maritime sector globally and is not dependent upon the primary bandwidth of vessels. Fleet Connect empowers the emerging and innovative application providers to communicate with the vessel. The dedicated application comprises cyber-security solutions, remote applications, equipment monitoring, telehealth, fuel efficiency and fleet management.

About Inmarsat

Inmarsat is a global leader in mobile satellite communication with the most diversified portfolio of mobile telecommunication satellite networks. In addition to this, the company owns a global spectrum portfolio that enables unparalleled diversity in the solutions offered.

Inmarsat has contributed to the innovation of mobile satellite communication. It has maintained its leadership through network of manufacturing and technology partners and robust investment.

Bottom Line

HTG has signed an MSA agreement with Inmarsat to deliver live streaming solutions in the maritime sector. The agreement can be interpreted as an addition to the HTG’s target to secure 1,000 maritime licences by the end of 2022.

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