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omniQ receives a rough price – GuruFocus.com

  • OmniQ’s wholly-owned subsidiary, Dangot Computers Ltd, wins the purchase contract.
  • The company will provide IoT equipment generating recurring and non-recurring revenue.
  • Recurring revenue from services and consumables is expected to continue for eight years, increasing the value of the contract.
  • omniQ continues to demonstrate its unique value and position as a trusted supplier to some of the world’s most prestigious customers.

SALT LAKE CITY, June 08, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp (OMQS) (“OMNIQ” or “the Company”), a provider of supply chain and artificial intelligence (AI)-based solutions, has today announced that Dangot Computers Ltd, its wholly-owned subsidiary, has received a supply agreement for approximately $11 million from the Government of Israel.

omniQ will provide IoT equipment, consumables and technical services to various government departments for the next 5 years. Recurring revenue represents approximately 50% of the agreement.

The Government of Israel and its agencies are the company’s major customers for a wide variety of solutions: omniQ’s machine vision products for security, computerized medical carts for hospitals, and IoT automation products for various government departments and agencies. The Israeli market is sophisticated and technology-rich and as such generates the need for innovative and unique solutions offered by omniQ.

CEO of Shai Lustgarten said, “Once again, we are privileged to enjoy a relationship of trust and loyalty with one of the most demanding governments in the world, which further positions us as a leader in providing solutions based on IoT, automation and AI. The Government of Israel joins a growing list of major supermarket and retail chains in the United States and Israel, major healthcare providers, cities, security agencies, and other discerning Fortune customers. 500 that rely on our solutions using advanced technologies, based on proprietary AI solutions, successfully serving multiple vertical markets. With our product offerings and strong customer base, we anticipate continued growth in the future.”

About OMNIQ Corp:

OMNIQ Corp. provides computerized image processing and machine vision solutions that use patented and proprietary artificial intelligence technology to provide real-time data collection, monitoring and control for supply chain management, homeland security, public safety, traffic and parking management and access control applications. The company’s technology and services help customers move people, assets and data securely across airports, warehouses, schools, national borders and many other applications and environments.

OMNIQ’s customers include government agencies and leading Fortune 500 companies across multiple industries, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, oil, gas and chemicals. Since 2014, annual revenue has reached over $50 million from customers in the United States and overseas.

The company currently addresses several billion-dollar markets, including the global safe cities market, which is expected to reach $29 billion by 2022, and the secure ticketless parking market, which is expected to reach $5 billion. $2 billion by 2023. For more information, visit www.omniq.com.

Contact:

Corporate contact details

Koko Kimball

(385) 758-9241

[email protected]

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Mary Cashion

The author Mary Cashion