AI platform Maestrano (LON: MNO) has seen its share price gain Monday after it announced its subsidiary Cordel Inc has formed a partnership with leading US rail inspection company Holland, L.P.
Holland provides geometry, rail wear, and track strength testing services for more than 120 freight, transit, short line, and other customers in North America, which includes over 80,000 miles of rail track. Â
Maestrano said the partnership will “significantly increase” Cordel's market reach in North America, and its visibility to possible new customers.
In addition, the company said the partnership has already generated interest from customers in the region and has secured the first contract with a major metropolitan railway network.Â
Holland track inspection vehicles will carry Cordel hardware as part of the partnership. When the vehicles conduct track inspections, the hardware will collect LiDAR, video and positioning data.Â
“The Cordel Web Viewer will enable Holland's customers to conduct virtual site visits, making centimeter-accurate measurements, without the need to deploy staff to the field,” Maestrano said in a statement.Â
The company's CEO, Nick Smith, commented: “The partnership with Holland dramatically increases our market reach and growth prospects in the US. In addition to exposing our technology to an even greater number of US customers, working with Holland validates our partnership program as a core growth strategy.”
Maestrano shares are up over 9.6% on the news, trading at 14.8p. So far this year, its shares have climbed 7.64%.
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