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What happened
Actions of Blackberry (NYSE: BB) exploded today after the company announced it was teaming up with Amazon.comThe cloud computing arm of Amazon Web Services (AWS) to develop and market its intelligent vehicle data platform, called IVY.
Tech action climbed to 65.1%, and shares rose 45.5% as of 1:14 p.m. EST.
So what
BlackBerry said its IVY platform will enable automakers “to provide a consistent and secure way to read data from vehicle sensors” and use it to create new vehicle services or provide a better experience for drivers. For example, BlackBerry said IVY could analyze dangerous weather conditions using a vehicle’s sensors and recommend that the driver activate its traction control or lane-keeping assist functions.
Image source: Getty Images.
AWS CEO Andy Jassy said in a statement that “AWS and BlackBerry enable any automaker to continually reinvent the customer experience and transform vehicles from stationary technologies into systems that can scale and adapt. to the user’s needs and preferences. “
The joint effort between the two companies is a multi-year global agreement that will provide automakers with vehicle information and capabilities through the IVY platform. BlackBerry has said it will use the Internet of Things and AWS machine learning systems for some of IVY’s capabilities.
Now what
Investors were clearly happy with today’s deal between the two companies and sent BlackBerry stock soaring. BlackBerry’s stock price has been in negative territory most of this year, but with today’s gains, its stock is up 38% year-to-date.
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