Internet of Things (IoT) data management business, Buddy Platform (ASX:BUD) is in final talks with Telstra (ASX:TLS) for the communications giant to become the primary reseller of Buddy Ohm in Australia.
Buddy Ohm is a energy monitoring and verification device already being sold in Australia, the US, Canada and soon in the UK.
Under the terms of the proposed deal, Buddy Ohm units will be outfitted with Telstra certified modems and Telstra mobile data SIM cards.
Sales from the deal are expected to start this quarter while Telstra’s staff will be trained shortly.
Buddy will also move its key customer accounts to Telstra and ink a distribution agreement with one of Telstra’s third-party product suppliers, M2M Connectivity.
Shares in Buddy Platform (ASX:BUD) are trading about 15.7 per cent higher at 29 cents.
BUD Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
