Mesa, Ariz. (January 29, 2015) – Iveda® (OTCQB: IVDA), a leading enabler of cloud-based video surveillance through its Sentir™ platform, has executed a framework agreement with the dominant telecom in Vietnam. Iveda hosted the Telecom’s management team in Taiwan this week to perform due diligence on the Sentir platform. The visit included a tour of government agencies utilizing Sentir to support thousands of surveillance cameras throughout New Taipei. The team also visited the facilities of one of Iveda’s Taiwan-based contract manufacturing partners, to assess adequate quality and quantity for the launch of plug and play video surveillance offering to their millions of subscribers. The impending licensing agreement will enable the Telecom to offer their customers in Vietnam and surrounding countries, Iveda’s plug-and-play cloud cameras with viewing of live and recorded video on computers and mobile devices. The Telecom will bundle cloud-based live view and storage services with its existing service packages.
“This opportunity came to us through a Vietnam-based telecom liaison and both sides have moved swiftly to initial stage contracts and due diligence. We will implement Sentir into the Telecom’s data center for immediate market launch as our goal,” said David Ly, chairman and CEO of Iveda. “With more than 70 million subscribers represented by this Telecom alone, we anticipate this Telecom to bring us significant results.”
The new offering will include Iveda’s Zee line of plug-and-play cloud cameras. Iveda’s standard licensing agreements require minimum camera activations when Sentir is installed into their private cloud. The initial orders would be 10,000 cameras with a minimum of 50,000 cameras in the first year. Hardware revenues associated with these requirements are $1 to $1.5 million and $5 to $7.5 million respectively, depending on camera features. In addition to the hardware sales Iveda will be paid a monthly license fee per camera per month for the Sentir platform installed within the Telecom’s private cloud environment.
According to a recent study, there has been a significant rise in the country’s online access over the last decade and Internet user penetration was estimated at 44% growth coming into 2014. The broadband segment growth has been particularly strong, especially in mobile wireless broadband. Over the years good progress has been made in the country’s broadband infrastructure.
Sean Nguyen, a local telecom liaison, said “With the country’s improvement of broadband availability, I’ve been searching for the next sustainable telecom service to offer their customers. When I came across Iveda’s plug-and-play cloud video surveillance technology, I knew I found the perfect application to recommend to telecom companies in Vietnam.”
This Telecom offers diverse services ranging from mobile, fixed lines, broadband Internet, home entertainment and satellite.
Iveda and Zee are registered trademarks of Iveda Solutions, Inc., Sentir is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (OTCQB:IVDA) enables cloud video surveillance via its Sentir™ Software as a Service (SaaS) video management platform, utilizing proprietary video streaming and Big Data storage technology. Iveda enables a recurring revenue model by licensing Sentir to organizations for plug-and-play cloud video offering to their customers. Iveda has a SAFETY Act Designation from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona with a subsidiary in Taiwan. Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2013 and its subsequently filed quarterly reports on Form 10-Q. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Luz A. Berg
Chief Marketing Officer