Source: shutterstock.com/Peshkova
state (NASDAQ:mark) Stocks are moving Wednesday as investors learn about the deal with the Rio de Janeiro Police Department.
The deal will see the company provide license plate and facial recognition capabilities for police vehicles to organizations. Updates for these vehicles are expected to be completed within the next 120 days.Remark partners with Brazilian system integrators iProp.Tech Add functionality.
Remark will benefit from the contract on artificial intelligence (A.I.), and the contract is worth $6 million. The contract details provide for 30 months of recurring revenue. Following successful Phase 1 testing, Remark may generate additional revenue in Phases 2 and 3 of the agreement.
Eduardo Ventura, CEO of iProp.Tech, said of the agreement:
“Brazil has 26 states and only two are currently looking for these AI solutions, so there is a lot of ground to cover. São Paulo and Rio de Janiero are the most influential states in Brazil. Being a state, I have no doubt that the rest of the states will start considering similar solutions.”
Wednesday's MARK stock price trend
Mark stock has been incredibly active on Wednesday following news of this deal. As of this writing, approximately 21 million shares have changed hands. For comparison, the company's average daily trading volume is approximately 344,000 shares.
Mark stock was down 2.6% on Wednesday afternoon after rising this morning.
Investors will want to continue reading more of the latest stock market news.
There's plenty of market coverage on Wednesday that traders should know about.Ours includes what's going on marker therapeutics (NASDAQ:MRKR) and bowlero (New York Stock Exchange:bowl) stocks, and other companies today as well. All the news can be found at the link below.
More stock market news on Wednesday
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Publication date, William White I do not hold any position (directly or indirectly) in any securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.
