Duos Technologies achieves a 100% renewal rate of its recurring revenue contracts throughout 2022. Also, Ondas Networks lands a development order from Siemens Mobility on behalf of MxV Rail; and Canada’s Xpert Rail Consulting acquires Standard Rail Corporation’s Railcar Repair and Maintenance operations.
Duos Technologies, an automated railcar inspection portal (rip® or RIP) supplier, reported that in 2022 it achieved a 100% renewal rate of its recurring revenue contracts; a $2 million cash inflow from those contracts is expected to be received during first-quarter 2023.
According to Duos, in the past 24 months, it “has focused on improving its service delivery and customer satisfaction by standardizing and upgrading its integrated Centraco Command & Control Software (centraco®) across all sites,” and in 2023, it will begin support contracts for four new RIP installations. Duos added that it is in “active discussions with a number of railcar owners” regarding its new subscription offering providing near real-time data from RIPs that it builds, owns and operates at strategic North American locations.
“The service component of our business has taken on a completely new look since I joined the company, and we are encouraged to see that our customers have reacted positively to those changes,” said Duos CEO Chuck Ferry, who took on company leadership in 2020. “While our most recent offerings appeal to broader customer segments, we have continued to focus on meeting the needs of our long-term partners as well as introducing add-on opportunities that complement the company’s legacy services. We are constantly learning about the growing needs of our customer base and the renewal rates are a measurable indication that the positive internal changes are working.”
Under contract with Siemens Mobility, Ondas Networks will design and develop a software-based network controller that it said will allow Class I railroads “to optimize the use of their FCC-designated licensed frequencies within and across multiple frequencies, networks, railroads and applications.”
The contract was announced Jan. 19 by Waltham, Mass.-based Ondas Holdings Inc., a provider of private wireless, drone and automated data solutions, whose wholly owned subsidiaries include Ondas Networks and American Robotics. It was signed by Siemens Mobility on behalf of Pueblo, Colo.-based MxV Rail, formerly known as Transportation Technology Center, Inc. (TTCI) and a wholly owned subsidiary of the Association of American Railroads (AAR).
According to Ondas Holdings Inc., the new network controller software “is an expansion of the previous capability delivered to MxV Rail by Ondas Networks and Siemens Mobility. It will be developed according to MxV Rail’s requirements, which will serve as the basis for a new AAR standard.”
“Ondas Networks continues to support the North American Class I railroads in the migration of legacy narrowband private wireless networks to flexible, higher capacity, general purpose IP-based systems,” Ondas Holdings Inc. Chairman and CEO Eric Brock said. “The network controller is a significant step that enables the efficient sharing of network resources. Sharing of spectrum resources across multiple networks—including those deployed in the 900 MHz, 450 MHz, 220 MHz and 160 MHz bands—offers significant data capacity and spectrum efficiency benefits for our rail customers.”
Moose Jaw, Saskatchewan-based Xpert Rail Consulting on Jan. 25 reported that its acquisition of Standard Rail Corporation’s Railcar Repair and Maintenance operations is slated for completion by March 31, 2022. Financial terms were not disclosed.
Once the deal has closed, Xpert Rail said it will offer “a complete suite of railway services including track services; short line and terminal operations; railcar and locomotive repairs; and training and crew supply to rail shippers, suppliers and railroads in western Canada.”
“We are thrilled to be adding a talented group of railroaders to our operations,” said Glenn Pohl, who in 2018 co-founded Xpert Rail with Sean Watson and Dale Tuplin. “We can help our customers with everything from their track to switching and loading railcars, to repairing locomotives and railcars, to training their staff. In the case of a derailment, we can re-rail and repair track and equipment and get them up and running.”
“We have worked closely with Xpert since their inception and are excited to continue to be part of their growth story,” said Robert Skarzynski, CEO of Saskatoon, Saskatchewan-based Standard Rail Corporation. “The combined service offering is a win-win for companies that ship on or interact with rail in western Canada.”