Irisity Awarded 5th Year Renewal of Perimeter Security Contract in the UK
Gothenburg, Sweden – November 15th, 2024 – Irisity AB (publ), a provider of AI-driven video data management software, reports a renewal of a perimeter security contract with a UK-based home appliance manufacturer. It is an Annual Recurring Revenue (ARR) contract valued at more than MSEK 1.7, marking the fifth year of delivering a perimeter security SaaS deployment in partnership with a UK-based integration partner.
The contract began in November 2020, with yearly renewals. From an initial deployment of six cameras, the project continued to grow, expanding to 661 cameras by December 2023. The customer utilizes IRIS+ Enterprise as a Service, which is integrated with their Milestone XProtect video management system. This project encompasses a range of sites including commercial offices, stores, logistics centers and private residences. The deployment involves monitoring many cameras across multiple locations centralized at a Security Operations Center (SOC).
Irisity’s IRIS+ AI Open Platform effectively reduces false positive security events including those caused by animals roaming within the secured perimeter. The system is adept at distinguishing between animals and people using either thermal or standard CCTV cameras, enabling security operators to concentrate on and respond to genuine security issues
For further information, please contact:
Keven Marier, CEO, Irisity AB, +46 771 41 11 00, [email protected].
About Irisity
Irisity's AI Open Platform enhances any camera and video management system by integrating a choice of advanced AI and video metadata management featuring hybrid architecture, built-in anonymization, and flexible deployment (on-premises, cloud, or hybrid). Globally trusted in over 3000 locations, our platform delivers real-time, efficient, and precise data, augmenting human decisions to improve safety, operational efficiency and organizational intelligence.
The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company's Certified Adviser is Carnegie Investment Bank AB.
Sweden | USA | Israel | Singapore | UAE | Colombia | Brazil | Argentina | Australia | United Kingdom | Mexico | Hungary
Advisors
Irisity has mandated Penser by Carnegie, Carnegie Investment Bank AB (publ) and Advokatfirman Vinge KB as financial and legal advisors respectively in connection with the Rights Issue.
Important Information
This press release does not constitute an offer to sell, or a solicitation of an offer to buy or acquire, shares or other securities in the Company. Copies of this press release are not made and may not be distributed or otherwise sent to the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa, South Korea, or any other jurisdiction where such action may be illegal or would require registration or other measures beyond those required under Swedish law.
The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be exercised, offered, sold, resold, delivered, or otherwise transferred, directly or indirectly, in or into the United States, except pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable securities laws in the relevant state or other jurisdiction of the United States. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.
Forward-Looking Statements
Matters discussed in this press release may contain forward-looking statements. Forward-looking information is any statement that does not relate to historical facts and events and such statements that are attributable to the future and that, for example, contain expressions such as “believes,” “estimates,” “expects,” “assesses,” “awaits,” “assumes,” “anticipates,” “intends,” “may,” “will,” “shall,” “should,” “according to estimates,” “is of the opinion,” “might,” “plans,” “continues,” “potential,” “calculates,” “forecasts,” “as far as one knows,” or similar expressions. This applies in particular to statements regarding future results, financial position, cash flow, plans and expectations for the Company’s operations and management, future growth and profitability, and general economic and regulatory environment as well as other circumstances affecting the Company, many of which are in turn based on further assumptions, such as that no changes in existing political, legal, tax, market, or economic conditions or in applicable legislation occur (including, but not limited to, accounting principles, accounting methods, and tax policies), which individually or together could be significant for the Company’s results or its ability to conduct its business. Although the Company considers these assumptions to be reasonable when made, they are inherently subject to significant known and unknown risks, uncertainties, unforeseen events, and other important factors that are difficult or impossible to predict and that are beyond the Company’s control. Such risks, uncertainties, unforeseen events, and other important factors could cause actual events to differ materially from the expectations expressed or implied in such forward-looking statements.
Potential investors should therefore not place undue reliance on the forward-looking information herein, and potential investors are strongly encouraged to read the sections of the prospectus that include a more detailed description of factors that may affect the Company’s operations and the market in which the Company operates.
The information, positions, and forward-looking statements contained in this press release are valid only as of the date of this press release and may be subject to change without notice