RCS - Cordel Group PLC - Memorandum of Understanding

CordelAnnouncement

28/11/2022 07:00

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RNS Number : 6803H  Cordel Group PLC  28 November 2022

28 November 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

 

MOU with Ricardo plc

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces that it has signed a non-binding
non-exclusive Memorandum of Understanding ("MOU") with Ricardo Rail Limited
("Ricardo"). Ricardo is part of Ricardo plc,  a global strategic
environmental and engineering consulting company, listed on the London Stock
Exchange.

 

Ricardo and Cordel will collaborate to leverage their combined complementary
expertise and global customer footprint to identify and pursue opportunities
in the field of railway inspection and asset management.

 

Specifically, Ricardo will use its vast experience in delivering
consulting-led customer transformation governance and compliance and
supporting rail networks beginning a wider digital transformation strategy.
Cordel will bring its expertise in the field of inspection data capture
(primarily using LiDAR), automated processing at scale and AI-driven analytics
as the underpinning technology foundation for such digital transformation
initiatives.

 

The partnership is global in coverage but with an immediate focus on business
opportunities in the US, APAC and Europe.

 

Nick Smith, CEO of Cordel, said: "We are excited by the opportunity to partner
with Ricardo to bring our technology offerings to even more leading rail
operators worldwide."

 

Ian Buddery, Chairman of Cordel, commented: "This announcement demonstrates
our continuing progress in building partnerships with leading Rail technology
companies, to expand our market reach and deliver value to our shareholders."

 

Iain Carmichael, Managing Director, Rail of Ricardo, commented: "We are
delighted to work together with Cordel and leverage our global credentials and
digital capability to further strengthen our joint offering to the rail
market.  This partnership demonstrates our ongoing commitment to our
customers to deliver the very best expertise in our chosen markets."

 

Enquiries:

 

 Cordel Group PLC                           c/o SEC Newgate
 Ian Buddery, Chairman

 Nick Smith, CEO

 Arden Partners plc Broker                  +44 (0)20 7614 5900
 Ruari McGirr

 Strand Hanson Limited Nominated Advisor    +44 (0)20 7409 3494

 Richard Johnson / James Bellman

 SEC Newgate (Financial PR)                 +44 (0)7540 106366
 Robin Tozer / Bob Huxford / George Esmond  cordel@secnegwate.co.uk

 

 

 

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and
reporting on large datasets within the transport sector, employing
sophisticated artificial intelligence algorithms. Further information on the
Company is available at: www.cordel.ai (http://www.cordel.ai)

 

About Ricardo plc

Ricardo plc is a global strategic environmental and engineering consulting
company, listed on the London Stock Exchange. With over 100 years of
engineering excellence and with close to 3000 employees in more than 20
countries, Ricardo provide exceptional levels of expertise in delivering
innovative cross-sector sustainable outcomes to support energy
transition and scarce resources, environmental services together
with safe and smart transportation solutions. Our global team of
consultants, environmental specialists, engineers and scientists support our
customers to solve the most complex and dynamic challenges to help achieve a
safe and sustainable world. See www.ricardo.com (http://www.ricardo.com/)

 

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