The Catapult Group International Ltd (ASX: CAT) share price has been a positive performer on the Australian share market on Wednesday morning.
At the time of writing the wearables technology and sports analytics company’s shares are up 4% to $1.28.
Why is the Catapult share price on the rise today?
Investors appear to have responded positively to the company’s update on the soft launch of its next-generation wearable technology, Vector.
According to the release, the Vector soft launch commenced last month to a small number of Australian teams. The company has received positive feedback from these initial clients, which has encouraged it to expand the soft launch to the first UK and U.S. installations.
What is Vector?
The Vector product has been in development for five years and is the company’s most significant wearable product release to date.
It is Catapult’s first wearable device that, using its proprietary ClearSky technology, moves seamlessly between indoors and outdoors to combine data obtained from both Global Positioning System (GPS) and Local Positioning System (LPS) technology in one single session.
One of the teams trialling the new product was the NRL’s Manly Sea Eagles. The team’s head coach, Des Hasler, spoke very positively about the product and described it as a “game-changer.”
He said: “Vector allows the greatest degree of versatility yet seen in a device. By combining LPS and GPS into one, the user can interchange between stadium systems, traditional satellite connections, GPS turbo or even run a session via bluetooth directly on their mobile phone. This allows flexibility never before seen in training. The tech offers a greater degree of accelerometer accuracy for short sharp high intensity efforts via LPS technology and enhanced live data feeds for GPS turbo systems”
Similarly positive feedback was given by the Canberra Raiders’ sports scientist, Tom Christian.
He said: “Vector combines the technology of both GPS and LPS onboard the unit, allowing us to quantify athlete data in all environments with greater confidence than ever before. Vector has revolutionised the way data can be trusted and acted on in a high-performance sports club.”
Catapult isn’t the only tech share racing higher today. The likes of Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) have rebounded strongly following a positive night of trade on the technology-focused Nasdaq index.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.