Have you ever felt like you’re being watched by a Joe Goldberg-esque creepy stranger, making you feel super uncomfortable? Like, even when you’re innocently browsing in a store, and a security guard is eyeing you suspiciously. With the rise of video surveillance cameras, this feeling of being constantly watched is slowly becoming a thing of the past. What’s more? Thanks to innovative technologies developed by global software company icetana (ASX: ICE), surveillance cameras now focus only on abnormal and unusual activities, providing officials with valuable insights that can help them take timely action.
These cameras are AI-enabled, making them a valuable commodity for shopping malls, one of the hotbeds of suspicious activity. That’s probably why icetana’s largest client, Middle Eastern mall company, Majid Al Futtaim Properties, has signed a renewed Software Maintenance Agreement with icetana, extending the contract by three years.
The existing service contract—which expires this month—has been renewed for $1.5 million in recurring license fees. Majid Al Futtaim will migrate all of its cameras to the latest version (v2) of icetana’s software.
The renewal covers the 36 months from April 2023 to March 2026 with a license fee of $486,000 per annum for existing cameras already installed and being actively used by MAF at 16 shopping malls throughout the Middle East.
icetana CEO, Matt Macfarlane, said, “MAF is a critical long term client with whom we enjoy a very strong relationship. This endorsement of the product pathway we have been developing over the past 3 years is particularly satisfying news for icetana. We listen to our customers and build what they need.”
MAF has been a strong referring customer of icetana since 2016, and the Company is all for the further validation of its services. icetana’s autonomous self-learning AI technology can detect events in real-time and alert operators to any unusual or potentially dangerous behaviour, helping prevent incidents before they happen. The solution provides enhanced security whilst saving money on guards and forms an integrated part of MAF’s mall operations.
MAF will migrate its thousands of currently licensed cameras over to the newest version of icetana. This represents a massive increase in the reference base of customers using the latest icetana product. Plus, it reaffirms its position as one of the largest real-time actively monitored surveillance networks in the world.
At the same time, icetana has secured a one-year extension contract valued at $207.2k with its second-largest Middle Eastern client: a large shopping mall company in Kuwait, Tamdeen Mall Management. As per the agreement, the Company will provide 600 additional cameras equipped with its AI video analytics. This agreement reinforces icetana’s position as a key player in the Middle East retail mall surveillance market, with over 9,000 cameras currently using their services in this vertical.
As companies strive to reduce the pressure on human labour, services, like icetana’s video surveillance cameras, have come into the spotlight for their accuracy and cost-effectiveness. The three-year contract extension by Majid Al Futtaim is a testament to that, and the contract will be subject to renewal or extension again in March 2026.
Alinda is a Business Reporter for The Sentiment
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