Icetana, Australia-based software company, has signed a non-binding memorandum with Threat Protect Australia, increasing the former’s stock up 5.3%.

Icetana, with an expertise in AI-based video analytics and video abnormality detection software, has joined forces with security company, Threat Protect Australia which monitors thousands of customer surveillance systems across Australia over a proof of concept at an allotted site.

As a part of the agreement, Threat Protect will offer its active monitoring services and also help enhance Icetana’s motion intelligence software.

The partnership is in line with Icetana’s plan to particularly focus on the guarding services market with strong positioning of the company’s solution alongside burgeoning need for guarding services capable of identifying threats.

According to credible reports, existing clients spread across Middle East and Japan put forth an anecdotal feedback which suggests that launching Icetana software helps reduce the need for guards subsequently resulting in annual savings worth net A$35,000 for every 100 surveillance cameras.

Icetana foresees video cameras as the “new frontier” aiding remote monitoring operations.

Matt Macfarlane, Icetana CE quoted that the company’s robust presence in the global guarding services market will help foster the recent agreement.

Macfarlane further commented that the company’s Australian built technology is adopted by a leading Australian player in the field.

Furthermore, working closely with Threat Protect will allow Icetana to cater to a large base of global guarding services clients with consistent developments in solutions.

Commenting on the recent partnership, John Hallam, Chief Executive Officer at Threat Protect stated that the company is looking forward to developing and enhance the company’s existing capabilities enabling Threat Protect to deliver high-efficiency monitoring solutions.

Mr. Hallam stated that foreseeable developments will be used across Threat Protect’s large network of clientele consisting of nearly 70,000 customers.

Threat Protect quotes technology development such as artificial intelligence to be the major target as it will help provide efficiency gains and better offerings.

Source Credit: https://stockhead.com.au/tech/asx-tech-stocks-icetana-and-threat-protect-team-up-to-develop-motion-intelligence-software/