Hughes Telematics Gets $24.4M Contract With Insurance Firm
03 Sep 2010
By citybizlist Staff
ATLANTA -- Hughes Telematics Inc. (NYSE: HTC) expects at least $24.4 million in revenue over the next two years from an agreement to provide in-drive telematics services to an unnamed insurance company's customers, according to an SEC filing.
Atlanta-based Hughes Telematics, which provides telecom services for automobiles, said it will receive $5.5 million by the end of this year, $15 million in 2011 and the rest the following year for configuring the insurance firm's telematics platform to enable delivery of the services to its customers.
Hughes Telematics also expects unquantified recurring payments from end users of its services.
Hughes has been led since December 2006 by CEO Jeff Leddy. Previously, he was CEO of SkyTerra Communications Inc., besides working for EMS Technologies.
Form 8-K filing: http://tinyurl.com/2uucwft
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