MESA, Ariz. - Iveda (NASDAQ:IVDA), a global provider of cloud-based AI video search and surveillance technologies, has announced a strategic partnership with The Arab Organization for Industrialization (AOI) and security hardware and software developer, ZeroTech. This collaboration is set to enhance security solutions in Egypt by integrating IvedaAI, Iveda's AI-powered intelligent video search technology, into ZeroTech's security offerings.
The partnership aims to strengthen ZeroTech's position in the Egyptian market, which is expected to see its AI market reach over $877 million in 2024. With Egypt's initiative to introduce 38 new smart cities by 2050, the collaboration is timely, as it brings together Iveda's AI technology with ZeroTech's security systems, including video surveillance, fire and intrusion detection, and access control.
David Ly, CEO and founder of Iveda, expressed that the alliance with AOI and ZeroTech is a leap forward in providing advanced security solutions in Egypt, enhancing the effectiveness of security systems and offering safety benefits to communities.
Iveda first collaborated with AOI in August 2023, later appointing Major General Ashraf Hassan to its advisory board and opening an office in Cairo. This partnership represents the region's first fully integrated security offering, catering to a diverse range of customers from enterprise to small businesses.
Major General Ahmed Mohamed Abd Elaziz, Chairman of AOI Electronics, anticipates that the collaboration will extend beyond Egypt, combining the strengths of both entities to innovate in the global security landscape.
Yasser Helmy Abu-Hashim, General Manager of ZeroTech, also highlighted the significance of incorporating IvedaAI into their hardware, setting a new standard for security solutions in Egypt.
Iveda is headquartered in Mesa, Arizona, with a subsidiary in Taiwan. It specializes in providing intelligent solutions for public safety, security, and various other use cases in smart city development.
The information for this article is based on a press release statement from Iveda.
InvestingPro Insights
In light of Iveda's (NASDAQ:IVDA) strategic partnership aimed at revolutionizing security solutions in Egypt, a glance at the company's financial health and market performance offers valuable context. With a modest market capitalization of $7.83 million, Iveda positions itself as a small-cap player in the burgeoning AI market. Despite a challenging financial landscape marked by a significant 28.02% decline in revenue over the last twelve months as of Q1 2024, the company's balance sheet reflects a silver lining; Iveda holds more cash than debt, providing a cushion for its ambitious expansion plans.
InvestingPro Tips suggest that analysts are optimistic about Iveda's sales growth in the current year, hinting at potential recovery and expansion opportunities ahead. However, the company's quick rate of cash burn and weak gross profit margins, at 16.45%, indicate that efficiency and cost management will be crucial areas for Iveda to address moving forward. Moreover, the stock has experienced significant volatility, with a notable 11.69% return over the last week, yet it has fared poorly over the last month, with a price total return of -21.56%.
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