Addvalue, partner to trial app for fishing vessels, eye market size of 500

ADDVALUE Technologies has signed an agreement with a partner to offer its maritime product and data solutions bundle for deep-sea fishing vessels.

The duo are eyeing a market size of at least 500 fishing vessels.

Addvalue's chairman and CEO, Colin Chan said that the successful execution of this partnership is expected to generate a monthly recurring revenue of about US$200,000.

The partners intend to commence a two-month market trial from November 2017 involving a "system test" of a new application that will prevent bill shock and at the same time provide chatting service for voice or text messages at very affordable rates.

This will be followed by a commercial rollout that will gradually cover vessels returning to fishing ports for scheduled maintenance and upgrading work over a scheduled period of time.

Addvalue said that the partnership deal for the shipping vessels is in line with its move to take a more holistic approach to bundle solutions or applications with terminals as a total solution package, so as to strengthen the resilience of its revenue model by building the recurring revenue stream instead of just relying on hardware revenue.

Mr Chan said: "The successful expansion of our terminals and solution package from Thailand to another country in Asia is a good indication that our commercial refocusing initiative to generate recurring revenue is bearing fruit. Riding on the success, we will continue to aggressively promote our terminals and solution package to other parts of Asia including China."