Iveda Exclusive Latin America Distribution Partner Anticipates $6M for 2024 with $30M in Recurring Revenue in Future Years

Efforts and presentations held throughout 2023 set AI-leader up for continued success

MESA, Ariz.--(BUSINESS WIRE)--Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, proudly announces that Logistica Corporativa Agua Azul––part of the Grupo Desson portfolio, Iveda’s exclusive Latin American distribution partner––anticipates $6M for 2024 with $30M in recurring revenue over five years. This comes as a direct result of several successful presentations held throughout 2023, with municipalities across Mexico and broader Latin America seeing the potential of Iveda's innovative SafeCity solutions. The exclusive nature of Iveda’s relationship with Grupo Desson is related to a $44M agreement announced in February 2023 to bring in 100 new customer locations every year, implemented with recurring revenue streams. In doing so, the partner maintains the exclusive nature of the partnership throughout the first 20 years of the collaboration.

As Iveda continues enabling metropolitan areas across the globe to achieve true smart city status, the organization’s exclusive Latin American distribution partner remains critical in the facilitation of relationships necessary to execute mutually beneficial, long-term contracts. In the year since the agreement was signed, Grupo Desson has performed approximately $500,000 worth of consulting and presentations related to 2024 IvedaAI deployments.

“These successful presentations underscore Iveda's dedication to supporting our international partners with AI technology deployment, making a substantial impact on the landscape of smart cities globally,” said David Ly, Iveda CEO and founder. “We’re eager to continue working with our Latin American partner to bring next-generation, AI-powered smart city technology to Mexico and the surrounding region.”

According to Polaris Market Research, the global airport security market was valued at $9.51 billion in 2021 and is expected to reach $17.95 billion by 2030. Grupo Desson anticipates several local government and airport budgets to include IvedaAI technologies throughout 2024. In Mexico alone, municipalities including Jalisco, Nuevo León, Quintana Roo, Querétaro, and Estado de Mexico are involved in these initiatives, as well as Guatemala, Brazil, and other Latin American countries striving for safer and more technologically advanced urban landscapes.

As the leading armed, unarmed, and custodial security services provider in Latin America, Grupo Desson has national department store clientele anticipated to implement IvedaAI in 2024 and beyond, leveraging existing camera infrastructure to improve security and safety while freeing up significant time and resources for humans. Iveda’s technology will augment on-premise security guards through AI-enabled cameras that can detect and alert staff to abnormalities and unwanted activity within a specific area, notifying appropriate first responders on site or dispatching as necessary. The technology will increase end-customer productivity and satisfaction, enabling cost savings for all parties involved.

Iveda intends to continue leveraging this partnership to set new standards for the AI industry in LATAM and surrounding areas. This news comes at a time of major global growth for the organization, having recently announced smart city advancements throughout the Philippines, a new office and demonstration space in Egypt, multi-million dollar partnerships for AI-powered security across Vietnam, and a $3.2M contract with the Taiwanese government for AI video search and surveillance.

About Iveda Solutions®

Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda’s technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA”.