IGEN Networks (CSE:IGN) (OTCQB:IGEN) joined forces with the influential IoT platform powered by Sprint (NYSE:S) creating the IoT Deal. The response was an overwhelming jump in the stock’s price.
IGEN’s company Nimbo Tracking will now be offered through Sprint’s IoT platform. What is Nimbo Tracking? Nimbo Tracking is a way to integrate GPS tracking and vehicle warning solutions across the automotive industry. It provides wireless M2M solutions.
IGEN Networks already has a strong background in ‘cloud-based’ and ‘Internet of Things’ in terms of the automotive industry, mostly regarding protection and management of mobile assets. However, joining the Sprint IoT platform will allow IGEN to scale more quickly and cost-effectively.
“We believe the Sprint relationship will offer greater flexibility for product development and service coverage to our customers and dealerships across the nation,” commented Abel Sierra, the VP and GM of Nimbo Tracking.
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Sprint’s advanced technologies and network resources will help Nimbo Tracking gain users and improve its services. Already, Nimbo Tracking has launched over 6,500 new car assets on the Sprint IoT platform and continues to release more than 2,500 new cars per month.
The response on the stock market was a positive one. IGEN Network witnessed a huge price increase on the Canadian Securities Exchange. IGEN closed the day by trading at $0.17, which means the price was up $0.08, or 88.89%, from the previous closing price of $0.09. IGEN’s movement on the CSE was enough to make the company the top percentage performer of the day on the exchange. The day’s trading ranged between a low of $0.09 and a high of $0.25.
IGEN Networks also trades on the OTCQB exchange. The stock performed well on this exchange as well, although its increase wasn’t quite as high. The company closed at a price of $0.12, raising it $0.04, or 50%, from the previous closing price of $0.08. The day’s trading on the OTCQB exchange ranged from a low of $0.08 and a high of $0.14.
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Featured image: Uplogix
