DENVER, COLORADO–(Marketwired – Sept. 6, 2016) – TrackX Holdings Inc. (TSX VENTURE:TKX) (“TrackX” or the “Company”), provides an update on its activities since its public listing and C$4.2 million financing on May 31, 2016.
TrackX is a leading provider of hardware agnostic, cloud-based asset tracking, inventory management and supply chain management solutions. TrackX delivers an enterprise scalable, highly configurable software platform offering business intelligence, asset visibility, improved utilization, security and compliance control, and comprehensive analytics pertaining to high-value assets and inventory across a broad industry spectrum. TrackX has successfully delivered enterprise scalable asset tracking systems to a growing number of Fortune 500 companies as well as federal government agencies throughout North America. Successful implementations have resulted in TrackX managing millions of assets and inventory items at a large and growing number of locations.
Recent activities since the May 2016 public listing include:
- Leading US food processor and distributor
- Solution: yard management and product protection
- Status: upgrade to seven existing sites, plans for an additional eight in fiscal 2017
- Leading US snack manufacturer and distributor
- Solution: yard management
- Status: completion of four implementations, including the customer’s largest facility; seven additional locations on schedule for calendar year 2016 as part of an ongoing roll-out to 29 locations to be completed by fiscal year-end 2017
- One of the largest internationally recognized soft drink bottlers
- Solution: yard management
- Status: pilot site complete and statement of work signed for the next location; total of 57 prioritized locations identified for future deployment
- Vending machine maintenance division of the above soft drink bottler
- Solution: asset tracking; work-in-process tracking
- Status: completed successful implementation into the customer’s largest facility, where TrackX is now expanding scope of work; discussions underway for the next of 25 total locations
- Division of the US federal government
- Solution: high value IT asset tracking
- Status: large-scale, global software upgrade completed for multi-building campus which now includes more than 600 readers monitoring 70,000 assets
- Large provider of dairy and cheese containers
- Solution: returnable asset tracking
- Status: after successful pilot implementation, now preparing for a national roll-out
- Multinational specialty chemicals and materials technology company
- Solution: returnable asset tracking of chemical containers
- Status: after successful implementation in customer’s Niagara Falls plant, have recently deployed in Australian distribution center
- Large US based long-haul and regional truckload transportation company
- Solution: gate management
- Status: ongoing software update to 17 locations throughout the US
TrackX is on schedule to complete an aggregate of 34 new deployments in calendar year 2016 and has more than 75 sites already targeted for deployment in 2017.
Year on year, TrackX has increased its number of deployments by 340% and at the same time shifted from enterprise licensing to recurring SaaS (software as a service) licensing with the initial contract term between three to five years. As a percentage of the total opportunities, TrackX has seen SaaS move from 20% in 2015 to now 80% of all opportunities in the existing pipeline. Typical contracts have an initial three-year term.
“Since our financing, TrackX has accelerated its growth by expanding its resources both internally and through our partner network,” said Tim Harvie, President and CEO of TrackX. “This supports the accelerated deployment of an existing backlog while ensuring the band-width necessary to address the mounting number of new opportunities.”
“As the investment and attention surrounding the Internet of Things (IoT) continues to grow, TrackX is well positioned to become the dominate player in managing the flow of assets within the Industrial Internet of Things. This is being validated by our current multi-million-dollar pipeline, and specifically, the growth of opportunities within large multi-site, enterprise accounts. What’s exciting is that once we are in these accounts our customers see new opportunities in other divisions with other assets and applications.”
TrackX’s core solutions include asset tracking and inventory management for high value assets, returnable/reusable assets, yard management, manufacturing process, inventory management and supply chain management for in industries such as government, agriculture, horticulture, food processing, manufacturing, beverage and brewery, transportation, retail and healthcare, to name a few. “The acceptance of cloud based computing, lower cost hardware, embedded sensor technologies, additional locationing capabilities and the focus on device to device communications resulting from the IoT, has lead customers from around the globe to TrackX,” says Harvie.
“Our revenue will not only grow from the currently scheduled deployment of solutions to our customer base, but also as these customers continue to extract more value from the TrackX platform and manage additional assets across their enterprises. While they see a rapid return on the initial investment, they further leverage the significant amount of data and information we provide to enable additional workflows and efficiencies within their operations.”
TrackX continues to build out its software design and engineering team to address the needs of a diverse range of customers with customizable solutions. Asset tracking has become a pillar of the Internet of Things which is reshaping how humans interact and manage devices. More than 30 billion devices are expected to be connected via the internet by 2020 (BI Intelligence, The Internet of Everything, 2015). Industries seeking automation are embracing the IoT to enhance their offerings, increase profits, gain knowledge into workflows, and secure their assets, with spending on the Industrial Internet of Things expected to reach $500 billion by 2020 (Accenture, Driving Unconventional Growth through the Industrial Internet of Things, 2015).
“Updates to our Jaspersoft dashboard interface will enhance our analytics and presentation capabilities while new releases of industry-specific software continue to help drive value for our customers,” said Harvie. “A recent example is our updated integration and enhanced dashboard capabilities of the TrackX Yard Management Solution with a customer’s multi-million-dollar enterprise ERP system.” TrackX continues its integration with an array of industry leading supply chain solutions.
TrackX, headquartered in Denver, Colorado, is a cloud based asset tracking solutions provider. The Company delivers a highly configurable software platform along with the design and implementation of holistic solutions offering business intelligence, visibility, utilization and analytics pertaining to high-value assets in a vast array of industries. TrackX’s patented, enterprise-scalable, cloud-based asset tracking platform combines support for multiple auto-ID technologies with workflow, event management, alert notification and a comprehensive analytics platform to deliver significant value to a growing list of Fortune 500 customers. Today, TrackX is providing high-value asset tracking, yard management, returnable asset management and mobile inventory management solutions to customer in such industries as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.