BlackBerry shares soar in wake of Amazon deal to develop vehicle data platform
Posted December 1, 2020 2:20 pm.
Last Updated December 1, 2020 2:24 pm.
WATERLOO, Ont. — Shares in BlackBerry Ltd. gained nearly 40 per cent in the wake of a deal with Amazon Web Services to develop and market BlackBerry’s intelligent vehicle data platform, IVY.
Financial terms of the multi-year agreement were not immediately available.
The company says BlackBerry IVY is a cloud-connected software platform that helps provide a secure way to read vehicle sensor data.
BlackBerry says automakers will be able to use this information in a variety of ways to help develop new features, functionality and performance.
The company says BlackBerry IVY will run inside a vehicle’s embedded systems, but will be managed and configured remotely from the cloud.
BlackBerry shares were up $3.03 at $10.68 on the Toronto Stock Exchange in late-afternoon trading.
This report by The Canadian Press was first published Dec. 1, 2020.
Companies in this story: (TSX:BB)
The Canadian Press
