Shares in home safety product supplier FireAngel (FA.) jumped this morning after announcing a new partnership with Mears.
Mears is responsible for the maintenance, repair and upgrade of over 700,000 properties in the housing and care sectors across the UK.
Under the agreement, FireAngel will supply Mears with a cloud-based system to control its smoke, heat and carbon monoxide alarms.
This system comes with a touch screen smart panel and home automation hub that can be used to monitor alarms and give updates.
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The deal sees FireAngel become the preferred smoke, heat and carbon monoxide alarm system provider for Mears and its portfolio of properties.
FireAngel will also charge Mears a monthly subscription fee per connection, giving the company a recurring revenue stream and increased visibility on its future revenues.
In an RNS, FireAngel said that Mears has committed to deliver a minimum number of connections during the term of the minimum three year agreement.
FireAngel Executive Chairman Graham Whitworth said: "Following significant R&D investment, I am pleased to announce our collaboration with Mears, which takes our smart, connected and existing products into the heart of the UK social housing sector.
“By integrating our technological expertise in the home safety sector into Mears' solution, we believe that FireAngel can significantly enhance the quality of service and support through a range of connected safety monitoring devices for housing tenants across the UK.
"We see the System as the enabling technology that will allow FireAngel to capitalise on the wealth of opportunities in the UK trade sector and generate increased sales of our higher value trade alarms and devices.”
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