Investors in Knightscope (NASDAQ:KSCP) are almost certainly in high spirits today. Why? KSCP stock is up a whopping 30% after announcing a strategic partnership with Allied Universal.
So what do you need to know?
Knightscope announced this morning that it inked a deal with Allied Universal, a global security and facility services company. Through the deal, Allied will start offering its customers a variety of Knightscope products. These include the K5 Outdoor, K3 Indoor and K1 Stationary robots, as well as its software suite. Allied is a hefty player in the security space with annual revenue of $20 billion. For Knightscope, this translates to a huge opportunity to build its reach.
Clearly fans of Knightscope have reason to be optimistic today. CEO William Santana Li had some kind words for the partnership.
“Partnering with Allied Universal is a perfect recipe for success — robots are deployed to do the monotonous, computational heavy work while the strategic, hands-on activities are the responsibility of the humans. We are excited for the future that this agreement will bring in driving steady long-term growth.”
What else do you need to know about Knightscope’s latest headline-catching deal?
KSCP Stock Shoots Higher on Allied Universal Deal
Today’s jump brings welcome games for Knightscope. Trading near $9 today, KSCP stock is still far off its 52-week high above $27. It seems investors are now betting that the scope of the Allied partnership is enough to buoy shares.
With this in mind, investors should know that Allied provides video surveillance, fire safety protocols, alarm monitoring, and a host of other security services. Partnering with Knightscope will help enhance Allied’s offerings, creating a better customer experience..
Carey Boethel, president of Allied Universal’s technology services division, also commented on the promising partnership:
“Our commitment to providing the best proactive security services to our customers is unwavering. The partnership with Knightscope allows us to expand our delivery of smart cutting-edge technologies to enhance public safety, allowing our customers to focus on their core businesses.”
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.