Cloud based and Internet of Things solutions provider IGEN Networks Corporation (OTCMKTS:IGEN) was in the news yesterday after it announced the launch of the Medallion GPS service platform.
It is a co-branded product that is meant for light commercial fleets and is going to be made available by way of the Small to Medium Business Sales Force operated by T-Mobile Business.
It is a major development for IGEN Networks and the news was welcomed with great optimism by the markets as well. The stock went up by 6% yesterday and it is now going to be interesting to see if it can continue to add to its gains.
The light commercial fleet segment could also prove to be a sound business decision from IGEN Networks considering the fact that as many as 6 million such vehicles are produced in North America ever year. More than 50% of those are commercial vehicles. It is a market that has not been penetrated yet commercial fleet solutions and hence presents a major opportunity for IGEN Networks.