Isetana (ASX:ICE) has signed a $465,000 (US$300,000) software contract with Malaysia’s AE Security System, becoming its first customer in the Malaysian market.

The three-year agreement will see Aisthana’s AI video analysis software installed at 1 Utama, Malaysia’s largest shopping mall. The software is provided on a software-as-a-service (SaaS) basis, with payments structured as an annual upfront model.

About Aitana

Icedana provides AI solutions for large-scale surveillance networks. Its software learns each camera’s normal activity patterns and identifies anomalous events in real time. This reduces reliance on manual monitoring. If abnormal behavior is detected, an alert can be sent to the control room operator.

The company serves a variety of industries, including shopping malls, transportation, public safety, and education.

Impact on revenue

The total contract amount of $465,000 will be billed over a 36-month contract term. The deal is expected to increase icetana’s annual recurring revenue (ARR) by $155,000, consistent with the company’s strategy to grow ARR through subscription-based agreements.

Ictana said licensing will begin once the software is fully implemented and is expected to begin by the end of the March 2025 quarter.

“This sale strengthens our product strength in providing autonomous security solutions in the retail industry and our focus on security integrators serving large shopping malls,” said CEO Kevin Brown. We are supported by our launch to market and our new sales team.”

The stock closed at $0.025, up 56.25%.