SOURCE: Iveda

Iveda

June 10, 2015 04:00 ET

Iveda Receives 50,000 Camera License Commitment From Viettronics

Agreement Represents at Least $1.8 Million in Annualized Recurring Revenue

MESA, ARIZ.--(Marketwired - Jun 10, 2015) - Iveda® (OTCQB: IVDA), enabler of cloud video surveillance through licensing the Sentir® video management software platform, executed a licensing and reselling agreement with the security surveillance manufacturing division of Viettronics. Viettronics is 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, so the first 50,000 cameras under this agreement will drive annualized recurring license fee of $1.8 million. Iveda will supply firmware to enable Viettronics-manufactured devices the Sentir plug-and-play cloud capabilities currently used in Iveda's ZEE® line of cameras for an additional one-time fee on each device.

Viettronics BienHoa Division (under the BELCO brand) is the largest security surveillance products manufacturer in Vietnam, with government and large enterprise customers in the healthcare, energy and telecommunications industries. For Viettronics, this is a solution that customers have been looking for, rather than a solution looking for customers. Viettronics plans to deliver the first 50,000 cameras to projects that have already been awarded. Until Sentir's firmware is integrated into Vietnam-manufactured BELCO branded cameras, Iveda's ZEE plug-and-play cloud cameras will be purchased by Viettronics for its customers' near-term cloud video surveillance deployment requirements.

Viettronics has selected the Sentir platform for its flexible and scalable cloud architecture to be the standard for its current and future video surveillance camera business segment. We anticipate installation of Sentir into the data centers of Viettronics and their major telecommunication customer at the beginning of our third quarter and realizing camera and licensing revenue beginning in that same quarter. Additional Sentir installations may be required depending on Viettronics' large enterprise customers' private cloud requirements.

"Iveda's traction and successes with the largest telecoms in Vietnam was a catalyst for Viettronics to engage and leverage Sentir's benefits for their customers immediately throughout the region," said Sean Nguyen, a local telecom liaison.

"Iveda is focused on leveraging the extensive end-user customer base of service providers to deliver video surveillance as a service," commented David Ly, chairman and CEO of Iveda. "This opportunity to license Viettronics, a camera manufacturer that already supplies service providers, is a natural progression and follows our internal culture of creating win-win relationships with partners that can help us grow our licensing annuity of Sentir. Viettronics' backlog of enterprise and telecom customers desiring scalable cloud based video surveillance management is a testament to a growing demand that we are poised to address."

Iveda, Sentir, and ZEE are registered trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda
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 service providers 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 wholly-owned subsidiary in Taiwan. Iveda is publicly traded under the ticker symbol "IVDA." For more information call (800) 385-8616 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.

About Viettronics

http://viettronics.vn/

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, 2014 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.

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