icetana Limited (ASX:ICE) has received an expansion order for its self-learning AI video analytics solution to an existing customer which operates several Middle Eastern shopping malls.
The initial one year client order was confirmed with technology reseller NIT. The end customer is Tamdeen Mall Management, icetana’s second-largest in the Middle East.
The contract has a total value of US$138,000 (circa A$206,000) inclusive of 12 months of support and maintenance. This deployment is a subset of the total camera footprint of the Tamdeen Group’s retail mall sites.
Implementation will be undertaken by icetana technicians based in our Dubai office working closely with the end customer. Hardware supply is excluded in the arrangement and the contract is for software delivery and services only.
The contract is priced on an enterprise basis, meaning that future annual recurring revenue will be achieved from a support and maintenance arrangement likely to be in the range 15% of the initial contract value (US$20,700). This element of the relationship has not yet been contracted.
We are always pleased to secure long term expansion contracts with our existing customers, this can only be achieved when our value proposition is strong and measurable. We are extremely pleased to continue working with a forward thinking organisation such as Tamdeen Group,” CEO, Matt Macfarlane, said.
