BlackBerry shares soar in wake of Amazon deal to develop vehicle data platform

BlackBerry shares soar in wake of Amazon deal to develop vehicle data platform
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WATERLOO, Ont. — Shares in BlackBerry Ltd. gained nearly 40 per cent in the wake of a deal with Amazon Web Services to develop and market BlackBerry’s intelligent vehicle data platform, IVY.

Financial terms of the multi-year agreement were not immediately available.

The company says BlackBerry IVY is a cloud-connected software platform that helps provide a secure way to read vehicle sensor data.

BlackBerry says automakers will be able to use this information in a variety of ways to help develop new features, functionality and performance.

The company says BlackBerry IVY will run inside a vehicle’s embedded systems, but will be managed and configured remotely from the cloud.

BlackBerry shares were up $3.03 at $10.68 on the Toronto Stock Exchange in late-afternoon trading.

This report by The Canadian Press was first published Dec. 1, 2020.

Companies in this story: (TSX:BB)

The Canadian Press

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