Stockholm - Tele2 AB (Tele2), (NASDAQ OMX Stockholm Exchange: TEL2 A and TEL2 B) and L&T Technology Services announced today that they are entering into a strategic partnership. The partnership will generate Machine to Machine/Internet of Everything, M2M/IoT, solutions for the transportation vertical. The M2M/IoT market under Transport and Mass Transit Sector is poised to go from $10.4 billion in 2014 to $29.4 billion by 2017 and $76.1 billion by 2020.
M2M/IoT implies that machines send information to one another using SIM cards and without the direct involvement of human interaction. These signals aim to control a process or tell a machine to perform a certain action. M2M/IoT is currently one of the fastest-growing business segment in technology.
The partnership between L&T Technology Services, an engineering services major and Tele2 holds a great potential for the transportation market including Auto, Aero, Rail, Shipping and Off Highway and specialized vehicles. For example, it offers solutions that would allow passengers to keep updated regarding departures and arrival times as well as delays. Another area include remote monitoring of engine performance. Data can be collected automatically and show when it is time for maintenance and thereby reduce the risk of damage to the engines.
L&T Technology Services with its deep domain expertise in the Transportation sector and Tele2, with its proven credentials as the foremost provider of convergent communication services makes it possible to provide comprehensive solutions for costumer with a high quality of service.
Rami Avidan, Head of Tele2 M2M Global Solutions, comments: “I am really excited about the partnership with L&T Technology Services and to see how our different expertise can influence the transportation industry to become even more efficient and cost conscious with new business models”
For further information, contact:
Lars Torstensson, EVP Corporate Communication and Strategy, Telephone: +46 702 73 48 79
For contact with L&T Technology Services: Jeevan Prakash, Telephone: +46 76 346 56 60
TELE2 IS ONE OF EUROPE'S FASTEST GROWING TELECOM OPERATORS, ALWAYS PROVIDING CUSTOMERS WITH WHAT THEY NEED FOR LESS. We have 14 million customers in 9 countries. Tele2 offers mobile services, fixed broadband and telephony, data network services and content services. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies and other established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since 1996. In 2013, we had net sales of SEK 30 billion and reported an operating profit (EBITDA) of SEK 6 billion.