March 23, 2022: Harvest Technology Group Limited (ASX:HTG) (Company, Harvest, Group), a global leader in network optimised remote operations, is pleased to announce the execution of a formal worldwide reseller agreement with the world’s leading provider of end-to-end managed smart network solutions, Marlink SAS (Marlink).
Headquartered in Paris and Oslo, Marlink offers business-critical intelligent hybrid networks and digital solutions to empower the remote operations of a wide range of maritime, enterprise, energy, humanitarian, and government customers around the world. Marlink offers a comprehensive set of smart network solutions combining the entire spectrum of satcom and terrestrial connectivity, IT, Cloud, cyber security and IoT managed services.
With more than 70 years’ experience and the most extensive multi-technology satellite footprint, Marlink connects people and assets around the globe and across all markets where conventional connectivity cannot reach or is not available with a focus on B2B customers in the maritime and enterprise verticals. This service is fully complemented by Harvest’s ground-breaking technology which reliably and securely transfers high- fidelity, real-time voice, video, and data over ultra-low bandwidths from anywhere in the world.
The demand for secure trusted communications for delivery of enriched data and real time interaction over satellite, congested and unreliable networks is rapidly expanding. The overall market size is expected to grow from US$2.3B in 2020 to US$3.2B by 2025, at a CAGR of 7.1% during the forecast period.
The solutions segment is estimated to dominate the maritime satellite communications market, which had a market size of US$1.48B in 2020 and is projected to reach US$2.0B by 2025. The services segment is expected to grow at a higher CAGR of 7.5% from 2020 to 2025 and projected to reach a market size of US$1.18B by 2025. The APAC and North American regions remain the main revenue contributors to the maritime satellite communications market.2
Under the reseller agreement with Marlink, Harvest’s ultra-low bandwidth Network Optimised Livestreaming solutions will be resold across Marlink’s customer base with the opportunity of providing remote communications services to the estimated 20,000 vessels in Marlink’s network.
“Harvest intends to take advantage of the unprecedented worldwide demand for maritime satellite communications, targeting at least 1,000 maritime licensing plans by the end of 2022,” said Paul Guilfoyle, Group Chief Executive Officer. “Our agreement with Marlink presents us with great potential for sales of our livestreaming solutions within the global maritime sector, giving us access to approximately 20,000 vessels. We look forward to working closely with Marlink and providing a value-added service to their customers.”
The binding and non-exclusive worldwide reseller agreement is for an initial term of twelve months and renewable annually and is predicated on discount by cumulative sales volume with all sales based on minimum 12-monthly plans for hire and licensing. All other terms are standard for an agreement of this nature.
The significance of this announcement is the entry of the parties into a non-exclusive resale agreement that focuses on developing sales opportunities for Harvest’s Infinity suite of products as a complementary component to Marlink’s value proposition so generating opportunities for Harvest to gain significant incremental traction within the global maritime sector.
The Company will continue to keep the market informed of any material updates.
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