In a world which is becoming ever more deceptive, surveillance plays a major role in maintaining world order, a thematic that continues to be drawn upon by security tech company icetana (ASX: ICE) which has further increased its exposure in the Middle East.
Already with a global footprint of enterprise customers that use its artificial intelligence assisted tech, icetana has extended a contract that will see 16 shopping centres deliver $460k worth of licencing fees.
The extension is with Majid al Futtaim Properties (MAF), a major shopping centre operator which has been an icetana client since 2016.
Despite lower foot traffic in shopping centres across the world in direct response to COVID-19, demand for icetana’s security tech has continued to increase over the past 12 months where it’s machine learning capabilities enable lesser reliance on security personnel.
While MAF has long been icetana’s largest client and valued referral partner, the surveillance company has also increased its distribution capacity through reseller networks.
This resulted in its March quarterly revenue increasing 66% year-on-year to $402k where the majority of revenue comes from licensing fees and are recurring. This resulted in new customers across North America, Europe, the Middle East, Singapore, Japan and Australia in recent months alone.
While shopping centres are a core customer segment for icetana due to their expansive spaces and customer density, other new customers include resorts, commercial properties, banks and prisons.
Motion intelligence plays a major role in icetana’s product development where cameras can identify movement and create automated alerts through their platform, while live streaming in HD in both unicast and multicast facilities.
As the world continues to emerge from the COVID-19 pandemic, icetana has a strong pipeline of sales opportunities where it is moving its focus to larger deployments and new product development.
Upcoming developments flagged for its customers include a daily review function for quicker analysis of security activity and filtering of unwanted footage to free-up server capacity.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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