HITIQ lands another global strategic collaboration in new deal with Scottish Rugby, shares jump
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The company continues to gain traction with major sports leagues globally with its patented impact sensor technology.
The agreement with Scottish Rugby — the governing body for rugby union in Scotland – will see the deployment of HITIQ’s flagship Nexus A9 head impact sensor technology in a full-scale trial for the upcoming 2021/22 Scottish rugby season.
Investors responded positively to the announcement, sending HITIQ shares more than 10% higher in afternoon trade.
Scottish Rugby “intends to use HITIQ’s technology to measure and compare all aspects of game and training head impact loads”, the company said.
Data collected will form part of the organisation’s review process around improved player welfare and high-performance standards.
Commenting on the announcement, HITIQ CEO Mike Vegar said the alignment with Scottish Rugby gives the company a strategic commercial pathway to the global Rugby Union market.
Rugby union is the largest non-helmet contact sport in the world, with over 29,000 registered professionals and more than 3 million amateur players.
“By aligning ourselves to the pedigree of Scottish Rugby, we see this as a powerful step in establishing HITIQ as the concussion technology leader within the sport,” Vegar said.
He added that the deal makes HITIQ the first head impact sensor technology company to partner with a national rugby union team.
“We are delighted to partner with HITIQ, who have class leading technology, and in this trial we aim to improve our understanding of impact loads on our players in both the training and match environments,” said Dr James Robson, chief medical officer for Scottish Rugby.
Highlighting the extensive nature of the collaboration, HITIQ’s sensor technology will be deployed for both the Scotland Men’s National Squad and the Scotland Women’s National Squad, along with the Scotland 7’s team and Edinburgh Rugby.
During the trial period, Scottish Rugby and HITIQ will aim to “discuss a longer term commercial agreement to commence post completion of the trial”, the company said.
Along with Scottish Rugby, the deal gives HITIQ additional exposure to prove out the benefits of its technology for other major rugby competitions in the northern hemisphere.
The deal marks the latest in a string of successful partnership agreements HITIQ has announced.
Late last month, it flagged a key strategic tie-up in the US college football market that will see its technology rolled out at top level university football programs.
In Australia, HITIQ mouthguards are currently used by professional AFL, rugby and NRL players.
The mouthguards are embedded with patented force-measuring sensors that record and interpret head impacts during a game.
This article was developed in collaboration with HiITIQ, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.