- icetana’s (ICE) annual recurring revenue is set to increase after the company modified its existing software maintenance contract with Majid al Futtaim Properties
- The 12-month arrangement will see the parties’ existing contract transitioned to an annual recurring revenue model, expiring next March
- It carries a licence fee of US$350,000 (around A$460,000) for existing cameras installed and used by Majid at 16 shopping centres in the Middle East
- Under the new deal, Majid will undergo a software upgrade and major functionality improvements over time
- ICE will also provide quarterly tune-up services and an option to add new cameras for a substantially reduced initial fee
- icetana’s shares have climbed 7.14 per cent to trade at nine cents each
icetana’s (ICE) annual recurring revenue is set to increase after the company modified its existing software maintenance contract with Majid al Futtaim Properties.
Headquartered in Perth, Western Australia, icetana is a global software company providing video analytics solutions for large-scale surveillance networks.
The new arrangement, which applies to the 12 months from April 2021 to March next year, will see the parties’ existing contract transitioned to an annual recurring revenue model.
It carries a licence fee of US$350,000 (around A$460,000) for existing cameras installed and used by Majid at 16 shopping centres throughout the Middle East.
For comparison, the prior year’s non-software-as-a-service maintenance fee came to US$140,000 (roughly A$181,000).
According to icetana, Majid has been a strong referring customer since 2016, with ICE’s motion intelligence system providing enhanced security for its mall operations.
Under the new deal, Majid is now poised to access several benefits, including a software upgrade and major functionality improvements over time.
ICE will also provide quarterly tune-up services and an option to add new cameras for a substantially reduced initial fee.
Following the announcement, icetana’s shares have climbed 7.14 per cent to trade at nine cents at 3:01 pm AEST.