Smith Micro Software (SMS – Free Report) has signed a new contract with a US-based mobile operator to implement the SafePath solution for its subscribers. This is the first user to launch SafePath Global.
SafePath Global enables carriers to quickly offer their customers all the capabilities of the SafePath application and enables users to obtain a family safety solution. This simplifies or eliminates many of the difficulties associated with implementing family safety solutions, including cost, resource constraints and multiple decision points.
The SafePath platform consists of SafePath Family, SafePath IoT, SafePath Home, SafePath Drive, etc. It provides comprehensive and simple tools to protect your digital lifestyle and manage connected devices through a single application.
The company is a leading provider of embedded software for networked devices, policy-based management platforms, and mobile applications and hosted services. It plans to launch SafePath Premium to further expand its SafePath portfolio. The solution is expected to be available in the second half of this year.
In February, the company introduced SafePath OS, a new family security solution built on the Android operating system. The solution improves digital safety for children and families as SafePath OS will expand the company’s reach from a subscription-only application solution to enabling MNOs to offer devices powered by SafePath OS. The solution is expected to be available in the second half of this year.
The company also announced that its board of directors has approved a 1-for-8 reverse split of its common stock. The reverse split will become legally effective on April 10, 2024, the company added. The objective of the reverse split is to raise the share price so that it can once again meet the minimum offer price required to remain listed on the Nasdaq Capital Market.
SMSI currently has a Zacks Rank #4 (Sell). SMSI shares have lost 71.4% in the past year compared to the sub-industry’s growth of 42.5%.
Image source: Zacks Investment Research
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