Iveda®, worldwide enabler of cloud-based video surveillance through licensing its Sentir®platform, has completed the multi-location phase of installation for VNPT. VNPT is the largest telecommunications group in Vietnam with regional sales and support offices in all 63 Vietnam provinces. VNPT forecasts hundreds of ZEE® cameras sold per month per province and with just 200 cameras per province, which equates to approximately 150,000 cameras annually, the hardware revenue to Iveda is approximately $18 million on an annual basis. Iveda will also receive a perpetual monthly recurring Sentir license fee per camera on the Sentir platform.
Upon verification of the data center installation, the VNPT/Iveda agreement calls for VNPT to issue a purchase order for a minimum of 10,000 cameras (approximately $1.2 million), in preparation for the market launch of ZEE plug and play cloud cameras with 24/7 access to live and recorded video via VNPT’s cloud.
In addition to VNPT, Iveda recently announced a Sentir licensing agreement with Viettronics, the largest electronics manufacturer in Vietnam. The agreement requires a minimum commitment of 50,000 cameras on the Sentir platform within the first 12 months of the five-year agreement. Iveda’s license fee for Sentir is $3 per month per device managed on the Sentir platform; the first 50,000 cameras under this agreement will generate an annualized recurring license fee of $1.8 million.
Until Sentir’s firmware is integrated into Viettronics’ cameras later this year, Viettronics plans to use Iveda’s ZEE cameras for its customers’ near-term cloud video surveillance deployments, with current projects requiring 50,000 cameras which equates to approximately $6 million of hardware revenue.
“We are busy executing on the very large contracts we have in hand and in the sales process with other Vietnam Telecoms,” said David Ly, chairman and CEO of Iveda. “I was born in Vietnam and to be able to communicate the value proposition of Sentir’s scalability and flexibility to the Telecom management in Vietnamese, has been a bonus. We are optimistic that the Sentir platform will be the standard for video surveillance as a service in Vietnam, hence will be a reference worldwide.”