id systems inc (IDSY) Key Developments
I.D. Systems Receives Series of Purchase Orders in Excess of $850,000
Jan 26 15
I.D. Systems said that it has received a series of purchase orders from a key channel partner with an aggregate value in excess of $850,000. The company said that the orders will enable the partner to implement IDSY's PowerFleet wireless industrial Vehicle Management System for two end users deploying the system for the first time and four end users expanding
their existing PowerFleet deployments.
US Trucking Company Selects New VeriWise Solution from I.D. Systems
Jan 20 15
I.D. Systems Inc., has announced that its Asset Intelligence subsidiary has executed a contract with a US regional trucking company to deploy its new VeriWise Dry Van cellular solution for tracking and managing fleets of trailers and cargo. The contract encompasses 400 tracking devices with a service term of five years, which is expected to contribute to the company's recurring revenue stream commencing in the first quarter of 2015. The solution also features: a five-year rechargeable Li-Ion battery with intelligent power management, for long, low-maintenance product life; redundant 7-way tractor power hook-up to ensure reliable battery charging; unique design for easy external access/maintenance and swapping between trailers; and optional advanced fleet data analytics.
ID Systems Inc. Receives Follow-On Contract from Nestle for Wireless Industrial Vehicle Management Technology
Dec 17 14
ID Systems Inc. has executed a contract with the U.S. division of Nestle, to further expand deployment of I.D. Systems' PowerFleet wireless Vehicle Management System (VMS) across Nestle's North American operations. The new contract encompasses hardware, software and a service term of five years for more than 700 vehicles across more than 20 facilities. Following implementation, I.D. Systems will have deployed PowerFleet on a cumulative total of more than 2,000 vehicles across more than 60 sites for Nestle.
I.D. Systems, Inc. Amends Agreement with Avis Budget Group to Convert Lease Financing Receivable to $5.4 Million in Cash
Dec 15 14
I.D. Systems Inc. has amended its Master Software License, Information Technology Services and Equipment Purchase Agreement with Avis Budget Group to convert Avis Budget's obligation to make monthly hardware lease payments to I.D. Systems into a one-time payment of approximately $5.4 million in cash. The monthly hardware lease payments were associated with I.D. Systems' deployment of approximately 30,000 rental car management systems for Avis Budget in North America. Under accounting rules, I.D. Systems recognized the full amount of hardware revenue when the hardware was shipped in 2012, and has carried the monthly lease payments on its balance sheet as a financing receivable. I.D. Systems expects to continue providing maintenance services for the hardware, as stipulated in the agreement, for the duration of the agreement, which runs through September, 2017. The transaction will reduce the financing receivables and increase the cash on I.D. Systems' balance sheet by approximately $5.8 million and $5.4 million, respectively. As a result, the company expects to record a one-time charge of approximately $400,000 in the fourth quarter of 2014, reflecting a discount rate for Avis Budget's early payment of its remaining lease commitment.
ID Systems Inc. Presents at 17th Annual Needham Growth Conference, Jan-13-2015 04:10 PM
Dec 3 14
ID Systems Inc. Presents at 17th Annual Needham Growth Conference, Jan-13-2015 04:10 PM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, New York, United States.