Tata Communications partners Neeco for IoT services in Europe
Tata Communications has partnered Neeco Global ICT Services to deliver Internet of Things (IoT) services for enterprises in Europe. Reacting to this development, shares of Tata Communications jumped nearly 3 per cent intraday on the BSE.
With this partnership, Neeco will use the Tata Communications MOVE platform to offer integrated IoT services to its customers in Europe, facilitating them to set up IoT connected devices anywhere across the globe.
Tata Communications MOVE platform helps enterprises to transform the way they operate and engage with their customers by capturing, moving and managing information seamlessly and securely worldwide. This platform is backed up by Tata Communications' relationships with more than 600 mobile network operators worldwide, and its global network, which connects 4 out of 5 mobile subscribers.
On the other hand, Neeco, a leading global provider of complex ICT services, has developed a unique set of IoT products and services that include Trexee, a GPS and GSM tracking solution. Trexee offers a complete set of capabilities - including location, acceleration, temperature and vibration - for different sectors such as transport & logistics, waste management construction, agriculture, leasing companies and rental companies.
"We are delighted that Tata Communications has chosen to work with Neeco to help accelerate IoT adoption in Europe. We are constantly working on new IoT products that bring additional benefits, reliability and efficiency into various market segments. The IoT is still very much a developing field, with many competing technologies. We feel that this puts Neeco at an advantage because we are able to help design, deliver and maintain IoT devices for our customers as the IoT field continues to evolve," says David Patek, founder and CEO of Neeco Global ICT Services.
On Wednesday, shares of Tata Communications opened at Rs. 421.55, up by 2 per cent from the previous close of Rs. 413. The stock hit an intraday high of Rs. 428.40 and intraday low of Rs. 416.80. At 1040 hours, the stock was trading at Rs. 417.20, up by Rs. 3.95 or 0.96 per cent.