[SatNews] "There are several competitors in the home security and convenience market but aligning with these large service providers with millions of established customers creates a win-win scenario,"
Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance through licensing its Sentir® platform, executed a licensing and reselling agreement with Vietnam-based FPT Telecom, Inc. "The agreement represents a minimum of 10,000 devices and monthly Sentir licenses for cloud management within one year. The hardware revenue is anticipated to represent approximately $2 million of IvedaHome (smart home automation system). The monthly recurring Sentir license fee is $3 per month as each system is activated which will equate to $360,000 annually," said Bob Brilon, Iveda president and CFO.
"IvedaHome, a cloud-based home automation system, was on our roadmap for this year, but FPT Telecom's demand has accelerated this initial launch. FPT Telecom's target market is their millions of residential customers throughout Vietnam," said David Ly, Iveda chairman and CEO.
The system is wireless and simple to install for the consumers. IvedaHome gives the consumer alerts, video access and remote control from their smartphone or tablet. IvedaHome wireless sensors and modules can include motion detection, door/window sensors, smoke detectors, sirens, video surveillance as well as controlling lights and appliances. IvedaHome provides peace of mind security and life conveniences.
"Our global customers, the Telecoms and Data Centers, see our Sentir platform as their path to add product offerings and increase market share with minimal investment. There are several competitors in the home security and convenience market but aligning with these large service providers with millions of established customers creates a win-win scenario," said Ly.
FPT's core business sectors are IT and telecommunications, providing services to Vietnam's 63 provinces and 19 other countries. FPT employs more than 24,000 employees and serves 40 of the Fortune 500 companies. Its telecom division, FPT Telecom, is one of the three leading telecommunications service providers in Vietnam, serving 59 out of 63 provinces and with international connections to China, Hong Kong, Japan, Singapore and the U.S.