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2/7/2023
Rail Vision Ltd. signed an agreement with Israel Railways Ltd. for the railway to purchase 10 main line systems and related services for $1.4 million. Rail Vision's main line system is an artificial intelligence-based technology for detection and identification of objects and obstacles near, between or on the rail with an extended visual range of 1.2 miles. Israel Railways operates about 700 daily trains traveling along more than 700 miles of track
Duos Technologies Group Inc. reported full-year 2022 total revenue of $15.4 million, an 86% increase over 2021 and the highest revenue recorded in company history. Duos estimated that recurring revenue for support and artificial intelligence grew 25-30% over 2021. The company expects fourth-quarter 2022 revenue of $6.3 million, a 71% increase year over year.
CVC Capital Partners Fund VIII will acquire a majority stake in Scan Global Logistics, a Danish logistics and freight forwarding solutions company, from an investor group led by AEA Investors Small Business Private Equity. SGL posts annual revenue of more than $3 billion and offers services across more than 150 locations in 45 countries and through more than 3,300 logistics professionals. The financial terms of the transaction were not disclosed. The transaction is expected to close in second-quarter 2023.
Harting Technology Group received the "Company of the Year" award from Focus Money and Deutschland Test for the second year in a row in the electronic components category. The Institute for Management and Economic Development conducted a study of 19,000 companies from over 200 sectors in Germany.
Iowa Northern Railway partnered with Comply365 to transition the railroad's paper rule books and forms to digital formats. Train conductors and engineers will be able to access the documents digitally on the Comply365 mobile app.
The Railway Engineering-Maintenance Suppliers Association Inc. has opened nominations for its 2023 Innovation Award. The award recognizes organizational achievement by a REMSA member company that creates an innovative solution, product or piece of equipment that better serves previous methods of completing a similar task within the railroad maintenance-of-way industry. Evaluation criteria include innovation and uniqueness of product/service; efficiency and utility; sustainability; and endorsement/testimonials. Two new award categories — technology and product/equipment — are included in the 2023 awards. The application deadline is May 26.