Shares of BlackBerry (NYSE:BB) stock are soaring to historic levels on Tuesday morning. And the major jump comes after an innovative move for the company.
BlackBerry announced a multi-year, worldwide agreement with Amazon’s (NASDAQ:AMZN) Amazon Web Services (AWS). Overall, the goal of the deal is to “develop and market BlackBerry’s Intelligent Vehicle Data Platform, IVY.”
This is a major deal for both the future of vehicle data and the two companies as a whole. And it could truly change the way that car makers approach manufacturing a vehicle.
Now, let’s take a closer look at this agreement and some of the important takeaways:
- According to the release, “BlackBerry IVY is a scalable, cloud-connected software platform that will allow automakers to provide a consistent and secure way to read vehicle sensor data, normalize it, and create actionable insights from that data both locally in the vehicle and in the cloud.”
- In turn, vehicle manufacturers can use this data to make specific modifications to their cars to improve the driving experience.
- Collectively, BlackBerry IVY will support many vehicle operating systems and multi-cloud deployments.
- Moreover, the platform will “enable automakers to compress the timeline to build, deploy, and monetize new in-vehicle applications and connected services across multiple vehicle brands and models.”
John Chen, executive chairman and CEO of BlackBerry, had this to say about the BB stock news:
“Data and connectivity are opening new avenues for innovation in the automotive industry, and BlackBerry and AWS share a common vision to provide automakers and developers with better insights so that they can deliver new services to consumers. This software platform promises to bring an era of 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.”
BB stock was up nearly 54% as of Tuesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.