icetana’s largest customer renews contract for $1.5m over three years and migrates to v2

icetana has received a purchase order for its largest Middle East shopping mall contract.

April 3, 2023
  • The existing service contract which expires this month has been renewed for three years, at US$975,000 (~A$1.5m) in recurring license fees over the three years.
  • The customer will migrate all of its cameras to the latest version of icetana’s software

icetana Limited (ASX: ICE “icetana” or “the Company”) advises that a purchase order has been received following agreement of a renewed Software Maintenance Agreement with Majid al Futtaim Properties (LLC) (“MAF”).

The renewal covers the 36 months from April 2023 to March 2026 with a license fee of US$975,000 (~A$1,458,000), or US$325,000 (~A$486,000) per annum, for existing cameras already installed and being actively used by MAF at 16 shopping malls throughout the Middle East. MAF has been a strong referring customer of icetana since 2016 and icetana welcomes this further renewal of the contract and of the ever-strengthening relationship.

icetana’s autonomous self-learning AI technology can detect events in real-time and alert operators to any unusual or potentially dangerous behaviour, helping to 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. In a positive response to the newly released icetana product, MAF will migrate its thousands of current 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 and concurrently it is one of the largest real-time actively monitored surveillance networks in the world.

icetana CEO Matt Macfarlane commented: “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.”

For more information contact icetana CEO Matt Macfarlane on

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