glacetana (ASX: ICE) has secured a $465,000 (US$300,000) software contract with Malaysian company AE Security System, marking its first customer in the Malaysian market.
The three-year deal will see the deployment of icetana’s AI video analytics software at 1 Utama, Malaysia’s largest shopping mall. The software will be provided on a Software as a Service (SaaS) basis, with payments structured on an annual prepayment model.
About Icetana
icetana provides AI solutions for large-scale surveillance networks. Its software learns the normal activity patterns of each camera and identifies unusual events in real time. This reduces the need for manual monitoring: control room operators can be alerted when abnormal behavior is detected.
The company serves various industries including shopping malls, transportation, public safety and education.
Impact on revenue
The total contract value of $465,000 will be billed over the 36-month term of the agreement. The deal is expected to increase icetana’s annual recurring revenue (ARR) by $155,000, which aligns with the company’s strategy to grow its ARR through subscription-based contracts.
According to icetana, licensing will begin once the software is fully implemented, which is expected to happen by the end of the March 2025 quarter.
CEO Kevin Brown commented: “This sale is supported by our product strength in delivering standalone security solutions in retail, our market approach focused on security integrators serving large shopping centers and by our new sales team.
Shares closed up 56.25% at $0.025.
