BlackBerry Sees Best Trading Day in Nearly 20 Years After Deal with Amazon

Shares of BlackBerry Ltd. were exploding this week after the security software company announced that it has teamed up with Amazon Web Services Inc. to develop and sell BlackBerry’s intelligent vehicle data platform, “IVY.”

The stock’s gains on Tuesday represented the biggest one-day gain since the company went public back in February of 1999. It was also the best day since shares ran up 51% back in December of 2003.

The multiyear, global agreement with Amazon.com Inc.’s cloud services business will allow auto makers to use IVY to securely read vehicle sensor data and create actionable insights from that data.

“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,” said BlackBerry Chief Executive John Chen.

“Data and connectivity are opening new avenues for innovation in the automotive industry, and BlackBerry and AWS share a common vision to provide auto makers and developers with better insights so that they can deliver new services to consumers ,” he added.

According to BlackBerry, the IVY platform could use vehicle data to recognize driver behavior and hazardous driving conditions, or heavy traffic, and then recommend the driver enable relevant safety driving features.

IVY could also allow drivers of electric vehicles, who choose to share the vehicle’s battery information with third-party charging networks, to reserve a charging connector and tailor charging times based on the driver’s location and travel plans.

“AWS and BlackBerry are making it possible for any automaker to continuously reinvent the customer experience and transform vehicles from fixed pieces of technology into systems that can grow and adapt with a user’s needs and preferences,” said Andy Jassy, CEO of Amazon Web Services, Inc.

“Through this joint effort with BlackBerry, we will provide automakers with the insights, capabilities, agility, and speed they need to thrive in an increasingly connected world. As automakers seek to race ahead in their digital transformations, BlackBerry IVY empowers them to build their brands and set the standard for connected vehicle services across the automotive industry.”

BlackBerry shares are up over 30% YTD.

The company will report results for the third quarter of fiscal year 2021 at 5:30 p.m. ET on Thursday, December 17, 2020.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.