Rekor Systems stock soars on Texas DOT contract

Investing.com -- Shares of Rekor Systems Inc (NASDAQ:REKR) surged 30.9% following the announcement of a multi-year statewide contract with the Texas Department of Transportation (TxDOT) to deploy its Rekor Command® platform. The contract includes an eight-figure blanket purchase order enabling all TxDOT districts to adopt the technology immediately.

Rekor Systems, a company specializing in advanced roadway intelligence technology, has been selected to enhance traffic operations, reduce congestion, and improve safety on Texas roadways, which span over 80,000 miles. This move comes as Texas experiences rapid population growth and increased traffic volumes, especially in some of the fastest-growing counties in the nation.

The TxDOT Director of Strategy and Innovation, Darran Anderson, expressed enthusiasm for the continued partnership with Rekor, citing the goal of using advanced insights to address safety and congestion issues across the state. Rekor Command® has already been successfully deployed in the TxDOT Austin District, where it has achieved a 159% increase in incident detection and significant reductions in incident detection and clearance times.

Mike Arellano, TxDOT Austin District Deputy Engineer, commended the collaboration with Rekor and the AI-powered traffic management advancements, emphasizing the goal to improve incident response and save lives. Rekor’s General Manager, Paul-Matthew Zamsky, highlighted the competitive selection process and the measurable results delivered by their technology.

The Rekor Command® platform unifies various data sources into a single AI-powered platform, offering real-time insights and decision support to transportation agencies. The contract expansion will see the implementation of new features, such as the Traffic Impact Module and Work Zone API, which aim to improve traffic flow, safety, and agency coordination.

This partnership marks a significant step for Rekor Systems as it solidifies its role as a key partner to large-scale transportation agencies and contributes to the modernization of Texas’s infrastructure. With the scalability of Rekor Command®, Texas is set to enhance its roadways and improve traffic management across the state.

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