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At the beginning of the year, BlackBerry announced that it has joined forces with AWS to demonstrate a connected vehicle software platform for in-vehicle applications.
Shares of Canadian enterprise software company BlackBerry Ltd (NYSE: BB) were up over 20% during Wednesday’s pre-market to trade around $9.50. At the time of writing, in the pre-market, BlackBerry stock is trading at $7.76 (+10%). Moreover, BB shares closed yesterday at $7, approximately 20% up.
The spike is largely attributed to news that the company is set to partner with Amazon Web Services (AWS) to jointly develop and market its vehicle data integration and monitoring platform, IVY.
BlackBerry shares have been on the winning side for the better part of the year, with the gains magnified in the past few months. According to the metrics provided by MarketWatch, BlackBerry stock has added approximately 30.11% in the past twelve months, and it is now up 9.03% year to date. Notably, BB shares have added approximately 25.45%, 49.89%, and 22.81% in the past three months, one month and five days respectively.
Although the global smartphone shipments have significantly dropped during the pandemic, the company has been able to remain in business primarily due to business diversification. Moreover, with a market valuation of $3.3 billion, it is capable of growing through the pandemic and emerging at a better position.
Notably, the company has invested in the artificial intelligence market and has customers ranging from huge corporations to government agencies.
BlackBerry and AWS Partnership that Pushes BB Stock Higher
At the beginning of the year, BlackBerry announced that it has joined forces with AWS to demonstrate a connected vehicle software platform for in-vehicle applications. Apparently, the software is said to combine the safety and security of BlackBerry’s QNX real-time operating system with AWS Internet of Things (IoT) Services in the cloud and in the car.
Notably, car manufacturers will be able to securely access critical information from the sensors. Hereby capable of creating software applications and machine-learning models for connected, electric, and autonomous vehicles.
The company stated that it has experienced a sharp uptick in demand in the past five years for its software to power over 60 million vehicles.
“This is a testament to the fact that today’s leading automakers and their tier one suppliers continue to put their trust in BlackBerry and our ability to provide them with safe and secure software upon which the next generation of vehicles is being built,” said John Chen, executive chairman and CEO BlackBerry.
He further noted that data and connectivity have widened the scope of innovation, especially in the vehicle industry.
“This software platform promises to bring an era of the invention to the in-vehicle experience and help create new applications, services, and opportunities without compromising safety, security, or customer privacy. We are pleased to expand our relationship with AWS to execute this vision and deliver BlackBerry IVY,” Chen indicated in a statement.