- AirIQ (TSXV:IQ), a tech stock focused on IoT asset management solutions, is partnering with global IT distributor TD SYNNEX (NYSE:SNX) to expand its North American presence
- The deal positions AirIQ to improve upon its track record of profitable growth and generate additional shareholder value
- AirIQ, established in 1997, offers internet-of-things-based asset management solutions for the construction, transportation, healthcare, food and beverage and trades and services industries
- AirIQ stock has added 12.5 per cent year-over-year and 136.84 per cent since 2019, outperforming the TSX’s return of 41.75 per cent over the latter period
AirIQ (TSXV:IQ), a tech stock focused on internet of things (IoT) asset management solutions, is partnering with global IT distributor TD SYNNEX (NYSE:SNX) to expand its North American presence.
The company intends to leverage TD SYNNEX’s distribution network – including more than 150,000 customers and 2,500 vendors in over 100 countries – to pursue additional partnerships with other large channels and increase sales through combined product offerings.
The added market exposure sets AirIQ up to grow revenue and profitability and continue generating shareholder value backed by its stellar long-term financial performance, as highlighted by:
- Positive annual net income since 2019 marked by increasing gross profitability.
- A 102 per cent increase in predictable, high-margin recurring revenue from under C$2 million in 2017 to almost C$4 million in 2023.
- An 18x increase in book value per share from 2014-2023.
- Global tailwinds in construction, rental equipment and video telematics, as detailed in AirIQ’s presentation for its 2023 annual general meeting.
With more than C$3.4 million in cash as of Q1 2024 to buy back stock and take advantage of mispriced opportunities, and a strong sales and marketing push underway to grow recurring revenue, potential investors have strong points in favour of conviction in profitability continuing to translate into attractive shareholder returns.
Leadership insights
“This partnership with TD SYNNEX allows us to expand our market reach through further channel partnerships,” Mike Robb, AirIQ’s president and chief executive officer, said in a statement. “Channel partnerships will come with their own team of various sales representatives who will sell the combined product offerings to a wider audience than before. Together, we will deliver a comprehensive solution that meets the dynamic needs of businesses across an expanded market that has not been accessible to AirIQ in the past.”
“TD SYNNEX is committed to uniting IT solutions that deliver business outcomes today and unlock growth for the future,” added Marcie Stout, TD SYNNEX’s vice president of product management. “With AirIQ added to our vast portfolio of vendor partners, we’re able to enrich the breadth and depth of our IoT offerings so customers can do great things with technology.”
About AirIQ
AirIQ, established in 1997, offers IoT-based asset management solutions for the construction, transportation, healthcare, food and beverage and trades and services industries. The company’s mobile, web-enabled and cloud-based offerings are mixed-fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics, including a video telematics solution and a battery powered option for non-powered assets.
AirIQ stock (TSXV:IQ) is uchanged, trading at C$0.45 per share as of 11:09 am ET. The stock has added 12.5 per cent year-over-year and 136.84 per cent since 2019, outperforming the TSX’s return of 41.75 per cent over the latter period.
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(Top photo representing AirIQ’s asset management technology in action: AirIQ)