icetana AI (ASX: ICE) has announced its first-ever partnership in Malaysia, marking a strategic step into one of Southeast Asia’s most dynamic markets. The deal, valued at USD $300,000 (AUD $465,000), establishes icetana’s AI video analytics software at 1 Utama, Malaysia’s largest shopping mall, through a collaboration with AE Security System, a leading security integrator.
This three-year agreement is set to enhance icetana AI’s presence in the shopping mall security sector, an area where the company is firmly established. The partnership is expected to provide $155,000 in annual recurring revenue (ARR) to icetana, aligning with its strategy to strengthen its SaaS-based revenue model.
Revolutionising retail security with AI
icetana’s AI-powered video analytics technology is designed to streamline large-scale surveillance operations. By autonomously learning the normal patterns of each camera feed, it detects and flags anomalies in real time, removing the need for manual configurations or rules. This advanced solution is particularly effective in high-traffic venues such as shopping malls, where security operators often manage thousands of camera feeds.
Kevin Brown, icetana’s CEO, commented, “This sale highlights our commitment to innovation and to expanding our footprint in Asia. AE Security System is an ideal partner, and this collaboration reflects our growing momentum in delivering autonomous security solutions to major retail hubs.”
Strategic Significance of the Deal
The Malaysian market represents a lucrative growth opportunity for icetana AI, which currently serves clients across 15 countries with over 16,000 cameras deployed. The deal with AE Security System and 1 Utama underscores the potential for further expansion into Southeast Asia, a region characterised by rapid urbanisation and increasing demand for advanced security technologies.
The deployment is anticipated to begin by the end of Q1 2025, with payments structured annually in advance. While the initial contract covers three years, future renewals could extend the partnership further.
This latest win signals icetana’s ability to penetrate new markets while scaling its SaaS business model. With its ARR boosted and global footprint expanding, the company is well-positioned to capitalise on the growing demand for AI-driven security solutions.
