Iveda Solutions, Inc (NASDAQ: IVDA) struck a 20-year, exclusive distribution agreement, creating a physical security partnership with Logistica Corporativa Agua Azul, part of the Grupo Desson portfolio, effectively bringing innovative AI video search and IoT technology to the Latin American market.
The contract aims to bring in 100 new customer locations annually, to be implemented with recurring revenue streams.
Iveda expects to generate a minimum of $44 million throughout the first 20 years of the collaboration.
The AI-powered technology allows faster and more efficient searches of video footage, empowering Grupo Desson to successfully resolve customer pain points while detecting potential threats in real-time.
This news comes on the heels of the deployment of $1 million in Iveda smart city technology across Taiwan as Iveda continues to expand its global footprint in AI, IoT, and smart city innovation.
Price Action: IVDA shares traded higher by 7.31% at $2.2750 on the last check Monday.
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This article Iveda Inks AI Video Search & IoT Technology Deal With Latin American Firm originally appeared on Benzinga.com
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Source: https://finance.yahoo.com/news/iveda-inks-ai-video-search-165923499.html