icetana Limited (ASX:ICE) has signed a new purchase order for a three-year deployment of icetana’s video analytics solution to a Singapore integrated resort operation through security services vendor Prosegur Singapore Pte Ltd.
The order has an aggregate value of S$550,800 (around A$536,000), inclusive of three years support and maintenance charged to the end-user.
The order represents icetana’s first integrated resort customer outside Australia and a potential pathways to further integrated resort opportunities globally.
“Potentially very significant to icetana”
Icetana chief executive officer Matt Macfarlane said: “This order represents the culmination of an extended process undertaken by the icetana and Prosegur teams.
“This was one of the COVID-19 affected projects that we are very pleased to see progress to an implementation stage.
“Particularly encouraging is the clear choice of the icetana motion intelligence platform over direct competitors.
“This represents icetana’s largest SaaS based recurring revenue contract to date.
“The opportunity to expand the number of cameras at this Singapore site and in other locations controlled by this end-user is potentially very significant to icetana.”
The contract
This deployment represents less than 5% of the total camera footprint of the integrated resort site, which is one of many operated by this end-user.
Hardware supply is included in the arrangement and represents approximately 20% of the aggregate value of the contract.
The contract is priced on a software as a service basis thus contributing to icetana’s annual recurring revenue.
Terms of the agreement
Material terms of commercial arrangements:
- The contractual arrangement disclosed in this announcement is between icetana and Prosegur, rather than the end user;
- icetana end user mentioned in this announcement is subject to the End User Licence Agreement as published on the icetana website;
- The payment terms from Prosegur to icetana for these orders are on 30-day terms following payment by the end user to Prosegur which will occur monthly under the contract; and
- The order includes a 3-year term of software support and maintenance.
Ongoing support and maintenance after 3 years will be subject to a customer renewal and there is a possibility that no material revenue over and above the initial order value materialises from Prosegur pursuant to this commercial arrangement going forward.