IGEN Networks Corp. (OTCQB: IGEN) invests in and manages
businesses that deliver cloud-based services through machine-to-machine (M2M)
device technologies for the protection and management of mobile assets and
commercial fleets. By taking an active managerial role in these businesses,
IGEN allows its technology subsidiaries to mitigate operational risk and
realize revenue growth and capital appreciation. In addition to providing
management expertise, IGEN utilizes an established network of distribution channels
to efficiently negotiate distribution agreements and sell a wide range of
products and services.
In recent months, IGEN has leveraged this strategy to great
success. In May, the company, through wholly-owned subsidiary Nimbo LLC, signed
a major account agreement with Verizon Wireless (NYSE: VZ). Through this
agreement, Nimbo will become a member of Verizon’s partner program for the
marketing of Nimbo’s M2M and integrated GPS tracking solutions over the mobile
giant’s national wireless services. The company will also gain access to
Verizon’s established database of sales leads, which encompasses major
automotive dealer markets across the United States.
“This partnership program with Verizon Wireless is
significant for us,” Neil Chan, chief executive officer of IGEN, stated in a
news release. “It enables our sales team to partner with Verizon, the largest
wireless operator in the U.S., to sell into automotive dealer channels and
reach large new potential customers.”
Earlier this month, the company, through Nimbo, built upon
this progress through the announcement of a partnership with Star Shield
Solutions LLC and Sky Force Technology, Inc. to launch a pilot program targeted
at a high volume automotive dealership store in southern California.
By consistently targeting nationwide dealer channels, IGEN
is tapping into a potentially massive source of future revenue. According to
First Research, dealer channels accounted for over $700 billion in annual
revenue through the sale of 15.6 million new vehicles and 40.5 million used
vehicles throughout the U.S. in 2013. By 2018, these figures are expected to
double, creating an expansive market for the company’s mobile asset protection
services.
In the first quarter of 2015, IGEN recorded a 756 percent
year-over-year increase in revenue to go alongside gross profit figures that
were consistent with the fourth quarter of 2014. As the company continues to
work toward stabilizing its inventory position and product costs, recent
results could foreshadow continued market growth moving forward.
For more information, visit www.igen-networks.com
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