Shares of BlackBerry (NYSE:BB) shot up today after the company announced that it's joining forces with Amazon.com's cloud computing branch, Amazon Web Services (AWS), to develop and market its intelligent vehicle data platform, called IVY.
The tech stock spiked as much as 65.1% and shares were up by 45.5% as of 1:14 p.m. EST.
BlackBerry said that its IVY platform will allow automakers "to provide a consistent and secure way to read vehicle sensor data" and use it to create new vehicle services or provide a better experience for drivers. For example, BlackBerry said IVY could analyze hazardous weather conditions using a vehicle's sensors and recommend that a driver enable their traction control or lane-keeping assist features.
AWS CEO Andy Jassy said in a statement that "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."
The joint effort between the two companies is a multi-year, global agreement that will provide automakers with vehicle insights and capabilities through the IVY platform. BlackBerry said it will utilize AWS' Internet of Things and machine-learning systems for some of IVY's capabilities.
Investors were clearly happy with today's agreement between the two companies and sent BlackBerry's stock soaring. BlackBerry's share price has been in negative territory most of this year, but with today's gains, its stock is up 38% year to date.