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BlackBerry (BB) Boosts Automotive Innovation With L-SPARK Tie-Up

Zacks Equity Research
·4-min read

BlackBerry Limited BB has extended its partnership with L-SPARK to boost the development of connected vehicle technology innovation for Canada-based technology companies. It is worth mentioning that the entities are currently in the third phase of their joint accelerator program.

BlackBerry and L-SPARK, Canada’s largest software-as-a-service accelerator, will select up to six companies to participate in the third cohort of this collaborative project. They will seek the expertise of the National Research Council of Canada-Industrial Research Assistance Program to connect with companies that will gain from the BlackBerry QNX product group on the back of innovative technologies.

As part of this initiative, both entities will continue to provide access to BlackBerry QNX technology for small and medium-sized technology enterprises (SMEs), thereby accelerating their digital transformation. As a result, the SMEs can introduce breakthrough products while boosting their businesses in the booming tech sector.

Thanks to the success of the first and second cohorts, the partnership aims to bring about a massive revolution in the transportation industry by creating a diverse ecosystem of automotive applications and services. Apart from BlackBerry QNX, SMEs will be able to capitalize on BlackBerry IVY platform. The BlackBerry IVY technology is the latest addition to the accelerator program.

BlackBerry IVY was co-created with Amazon Web Services (“AWS”) as part of a multi-year, global agreement in December 2020. It is a scalable, cloud-connected software platform that enables automakers to enhance operations of connected vehicles with BlackBerry QNX and AWS technology, thereby creating customized driver and passenger experiences.

It reads vehicle sensor data and captures actionable insights with support for multi-cloud deployments. The trailblazing solution facilitates automotive suppliers and automakers to minimize costs by shifting processing to the edge and reducing raw data transmission. Further, it boosts innovation in the automotive industry while unleashing new business models and revenue streams.

On the virtue of such robust characteristics and diligent operational execution, the joint accelerator program by BlackBerry and L-SPARK intends to capture valuable insights and unique ideas from the chosen Canada-based tech startups, in turn, delivering high-impact transportation use cases on the back of in-vehicle data. This will help enhance customer experiences while unleashing the potential of next-gen intelligent connected vehicles.

Moving forward, BlackBerry intends to drive healthy revenue growth and increase market share in the industry vertical. With a holistic growth model, focusing on organic and inorganic initiatives, the company continues to invest in product development and go-to-market strategy. Riding on such dynamic business fundamentals, BlackBerry appears well prepared to drive long-term sustainable growth, thereby instilling optimism among investors.

BlackBerry currently carries a Zacks Rank #3 (Hold). The Waterloo, Ontario-based company’s shares have returned 71% compared with the industry’s growth of 50% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks Investment Research
Zacks Investment Research

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PTC Inc. PTC is a better-ranked stock in the industry, sporting a Zacks Rank #1. The consensus estimate for current-year earnings has been revised 6.6% upward over the past 60 days.

PTC delivered a trailing four-quarter earnings surprise of 47.8%, on average. The stock has gained 3.6% in the past year. PTC has a long-term earnings growth expectation of 13.7%.

ANSYS, Inc. ANSS is another solid pick for investors, carrying a Zacks Rank #2 (Buy). The consensus estimate for current-year earnings has been revised 2.4% upward over the past 60 days.

ANSYS delivered a trailing four-quarter earnings surprise of 22.7%, on average. It has gained 21.5% in the past year. ANSS has a long-term earnings growth expectation of 11.9%.

salesforce.com, inc. CRM also carries a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has been revised 0.5% upward over the past 60 days.

salesforce.com delivered a trailing four-quarter earnings surprise of 68.5%, on average. It has returned 18.1% in the past year. CRM has a long-term earnings growth expectation of 16.8%.


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