(Ticker Report) – Shares of BlackBerry Ltd. BB, -4.55% soared 34.6% in active premarket trading Tuesday, after the security software services company and Amazon.com Inc.’s AMZN, -0.85% Amazon Web Services Inc. cloud business announced a “multi-year, global agreement” to develop BlackBerry’s Intelligent Vehicle Data Platform, IVY.
Trading volume reached 2.4 million shares before the open, already more than half the full-day average of about 3.8 million shares. BlackBerry’s IVY will allow automakers to provide a secure way to read vehicle sensor data and create insights from that data. Automakers can then use that data to create in-vehicle services.
The companies did not provide any financial terms of the agreement. “Data and connectivity are opening new avenues for innovation in the automotive industry, and BlackBerry and AWS share a common vision to provide automakers and developers with better insights so that they can deliver new services to consumers,” said BlackBerry Chief Executive John Chen.
BlackBerry’s stock has gained 5.2% over the past three months through Monday, while the S&P 500 SPX, -0.46% has tacked on 2.7%.