icetana AI signs three-year deal with AE Security System
Eve Goode
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icetana Limited has announced a contract for software to be provided to AE Security System, a Malaysian company that is recognised by its experience and security firms.
The order has an aggregate value of US $300,000 (circa A $465,000) and is for an initial contract term of 36 months.
The end user is 1 Utama, the largest shopping mall in Malaysia.
Growth
This is the company’s first sale in Malaysia, a region that represents a large opportunity for additional growth for icetana AI.
The contract is priced on a software-as-a-service basis, in line with icetana AI’s strategy to increase its annual recurring revenue (ARR), and will add $155,000 to its ARR.
“Our investments in the business bear fruit”
Kevin Brown, Chief Executive Officer, icetana AI said: “We are delighted to welcome AE Security System as a new partner in the Malaysian market.
“This sale is supported by our product strength in delivering autonomous security solutions in retail, our go-to-market in focusing on security integrators servicing large shopping malls and our new sales team. It’s an exciting time for icetana AI as our investments in the business bear fruit.”
Material terms of commercial arrangements
- The contractual arrangement disclosed in this announcement is between icetana and AE Security System SDN BHD
- Licensing will begin once the software is implemented, which is anticipated to happen towards the end of the March 2025 quarter
- Payment terms are annually in advance, with initial payment due five days before implementation
- The company does not have an existing trading relationship with this partner and so there is no payment history to rely on in assessing the trade credit risk of the partner
