24/7 Market News- SemiCab Wins Contract with Its Largest US Customer to Date

October 7, 2024

DENVER, Colo., Oct 07, 2024 (247marketnews.com)- Algorhythm Holdings (NASDAQ: RIME) stated that it was awarded a service contract with a leading global beverage, food, and snack company, under which Algorhythm’s subsidiary, SemiCab Holdings, will provide enterprise-level shipping services through its AI-powered software platform, focusing on reducing empty truck miles.

Gary Atkinson, Algorhythm’s CEO, said, “This new award represents the first major new business won by SemiCab in the US since our acquisition of the company in July. It also represents the largest customer in the US that has awarded lanes to SemiCab, reinforcing our belief in our ability to disrupt the traditional shipper-carrier model within the transportation sector.”

The contract starts this month and initially covers multiple large metropolitan markets, but has the potential to rebid for additional lanes after six months.

Ajesh Kapoor, SemiCab’s Founder and President, stated, “We’re thrilled at this new major opportunity. This contract provides us the ability to prove our model with a customer that spends over $1 billion annually on freight. Further, it provides us the leverage to bid on additional shipping opportunities in late Q1 2025 and immediately builds on our network, providing more density of shipping volume within key geographic markets. This new client should serve as a major catalyst to enable our team to pursue additional enterprise level-US clients in the coming months.

“If we successfully deliver on the projected cost savings and efficiency gains, this U.S. contract could expand significantly. Moreover, this global client is already part of the National Digital Freight Exchange in India, where we are actively involved. We also anticipate opportunities in other geographies as we expand in 2025 and beyond. This agreement could serve as a gateway to a broader, multi-faceted relationship with a world-class leader in the food and beverage industry.”

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