Transense Technologies grants exclusive iTrack licence to Bridgestone

Sensor systems provider Transense Technologies granted an exclusive worldwide licence for its iTrack technology to tire and rubber manufacturer Bridgestone on Thursday, transferring the operational business and trading assets relating to the system to the Japanese company.

Under the Licence, ATMS Technology, a newly-formed wholly-owned subsidiary of Bridgestone, will offer customers with tire monitoring systems for all off-the-road vehicles based upon iTrack technology.

In turn, Transense will receive a $1.01m cash consideration and quarterly royalty payments based upon the number and classification of vehicles in which the iTrack technology is deployed over a ten-year period.

Nigel Rogers, the group's newly appointed executive chairman, said: "These arrangements further demonstrate the position of iTrack as a globally-preferred provider of tyre management solutions for the off-the-road vehicle market, which we believe will achieve even greater success with Bridgestone."

Elsewhere, Transense said while it was "in no way complacent" in relation to the effects of Covid-19 on future growth, the firm does not currently envisage a "significant short term impact on revenues". Trading results for the year ending 30 June were currently anticipated to be in line with previous expectations.

As of 1105 BST, Transense shares were down 16.30% at 66.96p.