icetana (ASX:ICE) has secured a $465,000 (US$300,000) software contract with Malaysia’s AE Security System, marking its first customer in the Malaysian market.
The three-year agreement will see icetana’s AI video analytics software deployed at 1 Utama, Malaysia’s largest shopping mall. The software will be provided on a software-as-a-service (SaaS) basis, with payments structured as an annual prepayment model.
About icetana
icetana provides AI solutions for large-scale surveillance networks. Its software learns the normal activity patterns for each camera and identifies unusual events in real time. This reduces reliance on manual monitoring — control room operators can be alerted when anomalous behaviour is detected.
The company serves diverse industries, including shopping malls, transportation, public safety and education.
Revenue impact
The total contract value of $465,000 will be billed over the 36-month term of the agreement. The deal is expected to boost icetana's annual recurring revenue (ARR) by $155,000, aligning with the company's strategy to grow its ARR through subscription-based contracts.
According to icetana, licensing will commence once the software is fully implemented, which is anticipated to occur by the end of the March 2025 quarter.
Chief Executive Officer Kevin Brown commented: "This sale is supported by our product strength in delivering autonomous security solutions in retail, our go-to-market in focussing on security integrators servicing large shopping malls and our new sales team."
Shares closed 56.25% higher at $0.025.
