Source: shutterstock.com/Peshkova
state (Nasdaq:mark) Wednesday, the stock moved as investors learned about a deal with the Rio de Janeiro Police Department.
Under the deal, the company will provide license plates and facial recognition capabilities for police vehicles to the organization. Updates to these vehicles will be completed within the next 120 days.We partner with Brazilian system integrators iProp.Tech Add functionality.
The deal is valued at $6 million, so Remark will benefit from the deal in terms of AI capabilities. The contract details are set for 30 months of recurring revenue. After successful testing of the first phase, Remark may generate additional revenue in phases 2 and 3 of the contract.
iProp.Tech CEO Eduardo Ventura said of the deal:
“There are 26 states in Brazil, and only two states are looking for these AI solutions at the moment, so there is a lot of territory to cover. Being one state, I have no doubt that other states will start considering similar solutions.”
Mark stock price movement on Wednesday
Trading in Mark’s stock was incredibly active on Wednesday following the news of the deal. at the time of writing this article. About 21 million shares were transferred. For reference, the company’s average daily trading volume is about 344,000 shares.
Mark shares are down 2.6% on Wednesday afternoon following this morning’s gains.
Investors will want to keep reading for more of the latest stock market news.
Wednesday has a lot of market coverage for traders to know about.ours includes what is happening marker therapeutics (Nasdaq:MRKR) and bowlero (New York Stock Exchange:bowl) stocks, and other companies today. You can find all the news at the link below.
See more stock market news on Wednesday
Publication date, William White I had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are subject to InvestorPlace.com. Publication guidelines.
