icetana (ASX:ICE) shares close strong on ASX. Here's why

Highlights 

  • icetana Limited signed a Memorandum of Understanding with Threat Protect Australia.
  • The companies pursue proof-of-concept in which Threat Protect will offer active monitoring services at an agreed location.
  • The companies will collaborate to enhance the motion intelligence software of icetana with a special focus on active monitoring solutions.

The global software company, icetana Limited (ASX: ICE), shares closed more than 10% high today at AU$0.105 as the company signed a Memorandum of Understanding with Threat Protect Australia (ASX: TPS).

Threat Protect Australia is specialised in security monitoring services having a vast customer base across Australia. As per the non-binding contract, Proof-of-concept is pursued by the companies in which Threat Protect will offer active monitoring services at an agreed location.

Moreover, the companies will collaborate to enhance the motion intelligence software of icetana with a special focus on active monitoring solutions.

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The agreement will strategically enhance the guarding service market of icetana and ensure alignment between the need for guarding services and icetana solutions. Presently, icetana solutions help in saving a net AU of $35,000 annually, as indicated by the clients of icetana in Japan and the Middle East. Now, the company is moving towards video cameras as it will strengthen remote monitoring operations.

Threat Protect's current area of focus is on employing Artificial Intelligence (AI) to add value to its current services and offerings.

Chief Executive Officer of icetana, Matt Macfarlane, commented on the collaboration,

Bottom Line

The collaboration will bring value to both organisations. However, the announcement does not disclose any information regarding the valuation of the contract or projected sales.

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