Iveda Awarded $3.2M Contract for Confidential Application by Taiwanese Government Agency

Providing AI-powered technology, Iveda meets the growing demand for solutions in the region

MESA, Ariz.--(BUSINESS WIRE)-- Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a signed contract with an undisclosed government agency worth approximately $3.2 million for a confidential application. This contract is in addition to the $2.7 million and $1.7 million announced in August 2022 and August 2023, respectively, to this same undisclosed government agency for different applications. Providing cutting-edge, AI-powered technology, the contract deployment has begun and is expected to be completed by 2026, delivering and deploying network equipment solutions to meet the growing demand for enhanced infrastructure. The execution will be overseen and managed by Iveda Taiwan.

“As safety and security remain a top priority for government organizations around the world, the need for AI-powered technology becomes paramount,” said David Ly, Iveda CEO and founder. “Through this contract, Iveda is dedicated to the continued improvement of security operations worldwide. Leveraging the power of AI, this contract positions Iveda Taiwan as a trusted partner in meeting the growing demand for cutting-edge AI solutions, keeping citizens, communities, and government personnel safe.”

“This achievement underscores Iveda Taiwan’s commitment to delivering comprehensive network equipment solutions to enhance AI-powered technology capabilities in the region,” added Ing-Hang Shiau, president of Iveda Taiwan. “As Iveda continues to expand its footprint in the global AI market, this contract reinforces our reputation for delivering high-quality products and services to clients around the world.”

This news follows closely behind additional global contract wins––including expansions in Egypt and deals in the Philippines and Vietnam––worth millions of dollars of revenues and gross profits to Iveda in 2024 and recurring revenue for years to come. With new cutting-edge smart city solutions to be announced throughout the year, Iveda remains dedicated to leveraging its expertise in AI-powered technology to provide customers around the world with solutions to keep citizens safe.

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”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226101267/en/

Media Contact

Olivia Civiletto Erwin

olivia@dottedlinecomm.com

716.785.1108

Source: Iveda Solutions