Shares in Quantify Technology surge as agreement is struck with Cisco
Quantify Technology Holdings (ASX: QFY) delivered a double dose of good news on Tuesday morning, resulting in the company’s shares increasing nearly 10%.
It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.
Management informed the market that an agreement had been struck with Cisco Internet of Everything Innovation Centre (CIIC) to showcase and promote QFY’s technology solutions to potential property development partners.
Importantly, QFY has already had success in distributing its Internet of Things (IOT) Q Device to the construction industry where it is used to enable the monitoring and management of Internet enabled devices such as lighting, power, heating and cooling systems.
Not only will this agreement allows QFY to showcase its products, CIIC will facilitate connections between the company and key stakeholders in the building management and development industry.
The objective of the collaboration is to demonstrate first-hand the potential of QFY’s technology and its applications in Truly Intelligent Buildings to strategic customers.
Potential for Quantify to participate in Curtin University twenty-year infrastructure project
There was also some positive news from a medium to long-term perspective with the prospect of QFY being included in building projects including the Greater Curtin Project, a twenty-year infrastructure project which will transform Curtin University’s campus into an urban centre with a greater variety of land uses for education, residential and business.
Construction of the $26 million first stage of the project is expected to start later this year and will include a 1400 student accommodation building, a “school of built environment” and a short-stay accommodation facility.
Commenting on these developments, QFY’s Managing Director, Mark Lapins said, “As a first mover in the IOT market focusing on Truly Intelligent Buildings we see enormous potential in partnering with the CIIC to showcase our technology and gain valuable exposure to Cisco’s and Curtin’s global network.”
Lapins also noted that there are other key prospects across the broader property management and development sector, in particular a collaboration with Woodside Properties Management.
With other developments on the horizon in terms of promoting QFY’s scalable, simplified and robust IOT products, the company said that it looked forward to providing further updates to the market as relationships develop.