BlackBerry Ltd. (NYSE: BB) shares shot up on Tuesday after the company announced a deal with Amazon.com Inc. (NASDAQ: AMZN) to develop and market BlackBerry’s Intelligent Vehicle Data Platform, IVY.
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.
As it turns out, automakers can use this information to create responsive in-vehicle services that enhance driver and passenger experiences.
BlackBerry IVY addresses a critical data access, collection and management problem in the automotive industry. While modern cars vary from make, model and even OS now, BlackBerry IVY seeks to use machine learning to generate data that will normalize and personalize experience for users.
IVY ultimately would support multiple vehicle operating systems and multicloud deployments in order to ensure compatibility across vehicle models and brands.
Management noted that 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.
BlackBerry stock traded up about 42% to $8.31 on Tuesday, in a 52-week range of $2.70 to $8.80. The consensus price target is $5.71.
Amazon stock was trading around $3,163.76, in a 52-week range of $1,626.03 to $3,552.25. Analysts have a consensus price target of $3,812.78.
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