Hungarian listed tech company OTT-ONE Nyrt. has reached a cooperation deal with Codaltec, a company belonging to the Ministry of Defense of Colombia, potentially strengthening its presence in the defense industry.
The Hungarian company first started cooperating with Codaltec last spring, developing and carrying out innovation, says a press release sent to the Budapest Business Journal. The agreement gives OTT-ONE the right to sell a special solution, originally developed specifically for Colombian law enforcement, to government and law enforcement actors, as well as to companies conducting special operations in the civil sphere.
Furthermore, as terms of the earlier cooperation agreement dictate, OTT-ONE also gained the right to sell its "GECKO" weapon simulator system developed by Codaltec. The simulator offers a shooting training solution for security firms and law enforcement bodies.
"We believe that the new agreement with the Colombian firm is an important milestone in the life of OTT-ONE, as it provides a new opportunity for our company to establish a long-term cooperation with the companies of the Colombian Ministry of Defense," said Bálint Májer, CEO of OTT-ONE.
OTT-ONE is listed in the Equities Standard section of the Budapest Stock Exchange (BÉT).
Hungarian news agency MTI reported that OTT-ONE also signed a contract with the Semillas con Corazón foundation on launching an online education system that will improve conditions in schools in disadvantaged communities around the city of Yopal. The pilot project will help OTT-ONE create an education system that can be used in the region, in other parts of Colombia and in neighboring countries, the company said.