I.D. Systems' Asset Intelligence Unit Receives $3.1 Million Order From Swift to Monitor and Manage Container Fleet
WOODCLIFF LAKE, N.J., June 14, 2012 (GLOBE NEWSWIRE) -- Swift Transportation Company (NYSE:SWFT) has entered into a contract with I.D. Systems (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, to deploy the company's VeriWise(TM) transportation asset management system on domestic intermodal containers. The contract is valued at approximately $3.1 million over five years.
The VeriWise solution, engineered by I.D. Systems' Asset Intelligence subsidiary, is designed to improve the efficiency and security of transportation fleets by providing real-time data via on-asset sensors, satellite communications, and web-based software. The system's capabilities include motion detection to identify the start and end of each drive segment, a patented cargo sensor that monitors the full length of a container to determine its load status, and patented power management technology for long, maintenance-free battery life.
Swift Transportation (www.swifttrans.com) is a leading provider of transportation solutions and one of the largest truckload carriers in North America, with 34 major terminals and 2011 revenue of more than
$3.3 billion. Swift has earned Carrier of the Year and similar awards from numerous Fortune 500 customers.
Swift's transportation management offerings include a broad spectrum of services and equipment, including general, dedicated and cross-border transportation, temperature-controlled, flatbed and specialized trailers, intermodal rail services, and non-asset based freight brokerage and logistics management.
We pride ourselves on squeezing every ounce of efficiency out of our transportation services, said Swift President Richard Stocking.
Deploying the VeriWise system on our domestic intermodal container fleet gives us real-time visibility of that critical 'last mile.' It tells us when and where containers are taking longer than expected to unload, and enables us to quickly pinpoint empty containers. With this information, we can turn containers around quicker, minimize deadheading, reduce chassis rental costs, and maximize the revenue generated by each container. Collectively, these efficiencies will help us achieve a significant gain in overall asset utilization and profitability.
Mike Ruchensky, Swift's Vice President and CIO, added, We integrate the critical data provided by VeriWise directly into our enterprise systems, so everything we need to manage our container fleet is at our fingertips, in one place, for real-time decision-making. The net effect is a significant increase in the velocity and security of container shipments in our supply chain, which helps provide an optimal financial return on our assets.
Darryl Miller, Chief Operating Officer of I.D. Systems, said, We worked closely with Swift to deliver a superior solution for intermodal container management. From a design standpoint, this VeriWise product is a true game-changer. The system has an unprecedented ability to provide accurate cargo sensing, with reliable power and satellite communications, even on containers with corrugated walls. We believe that this innovative solution can become a standard in the intermodal transportation industry.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
The VeriWise solution, engineered by I.D. Systems' Asset Intelligence subsidiary, is designed to improve the efficiency and security of transportation fleets by providing real-time data via on-asset sensors, satellite communications, and web-based software. The system's capabilities include motion detection to identify the start and end of each drive segment, a patented cargo sensor that monitors the full length of a container to determine its load status, and patented power management technology for long, maintenance-free battery life.
Swift Transportation (www.swifttrans.com) is a leading provider of transportation solutions and one of the largest truckload carriers in North America, with 34 major terminals and 2011 revenue of more than
$3.3 billion. Swift has earned Carrier of the Year and similar awards from numerous Fortune 500 customers.
Swift's transportation management offerings include a broad spectrum of services and equipment, including general, dedicated and cross-border transportation, temperature-controlled, flatbed and specialized trailers, intermodal rail services, and non-asset based freight brokerage and logistics management.
We pride ourselves on squeezing every ounce of efficiency out of our transportation services, said Swift President Richard Stocking.
Deploying the VeriWise system on our domestic intermodal container fleet gives us real-time visibility of that critical 'last mile.' It tells us when and where containers are taking longer than expected to unload, and enables us to quickly pinpoint empty containers. With this information, we can turn containers around quicker, minimize deadheading, reduce chassis rental costs, and maximize the revenue generated by each container. Collectively, these efficiencies will help us achieve a significant gain in overall asset utilization and profitability.
Mike Ruchensky, Swift's Vice President and CIO, added, We integrate the critical data provided by VeriWise directly into our enterprise systems, so everything we need to manage our container fleet is at our fingertips, in one place, for real-time decision-making. The net effect is a significant increase in the velocity and security of container shipments in our supply chain, which helps provide an optimal financial return on our assets.
Darryl Miller, Chief Operating Officer of I.D. Systems, said, We worked closely with Swift to deliver a superior solution for intermodal container management. From a design standpoint, this VeriWise product is a true game-changer. The system has an unprecedented ability to provide accurate cargo sensing, with reliable power and satellite communications, even on containers with corrugated walls. We believe that this innovative solution can become a standard in the intermodal transportation industry.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.