SYDNEY, April 17, 2020 /PRNewswire/ — Australian Artificial intelligence solutions provider, SenSen Networks Ltd (ASX: SNS) has today announced it has been awarded a ~USD$1.5M tender with the City of Las Vegas to provide a range of intelligent transportation and smart city solutions. The agreement will support the City of Las Vegas’ goal to become a true Smart City by 2025.
SenSen’s technology will be used to assist the City of Las Vegas in keeping roads safe and congestion free by automating the enforcement of hundreds of bylaws associated with regulating traffic and parking on city streets.
The initial deal, which will be rolled out later this year, will see the introduction and management of two SenForce mobile parking enforcement units and 80 of its Gemineye mobile units. The ultra-portable nature of the Gemineye solution means units can be deployed across enforcement vehicles and car parks, as well as segways, Go4 scooters and city officers.
Commenting on the Contract win, SenSen CEO, Dr Subhash Challa, said,
“SenSen is extremely proud to be working with the City of Las Vegas. Las Vegas is a flagship US city and SenSen is excited to be providing its world-leading AI and video analytics expertise in improving the amenity of the City’s citizens by helping reduce traffic congestion and efficiently manage its parking.”
“This is a major milestone for our business in the US. We expect operations will continue to grow as more and more forward-thinking cities seek Smart City intelligent transportation solutions.”
The contract marks the first commercial rollout of SenSen technology with a flagship US city customer, while the 80 Gemineye units to be deployed as part of the contract is the largest commercial implementation with a single SenSen customer to date. The City of Las Vegas, is on track to become a Smart City by 2025 with SenSen assisting with its intelligent transportation systems and smart technology.
The City of Las Vegas is an internationally renowned major resort and entertainment city, with over 42 million visitors annually. It is the most populous city in the State of Nevada, USA and serves as the leading financial, commercial and cultural centre for the State. The City has a population of more than 650,000 residents while the larger Las Vegas metropolitan area has a population of more than 2 million.
The City of Las Vegas contract builds upon SenSen’s expanding footprint in the US, following the ongoing collaborative services agreement with Chicago Parking Meters, LLC to improve parking space management efficiency in the City of Chicago.
For more information please visit: https://www.sensennetworks.com/
Notes to Editor
Valuation of Contract Win
There are no material conditions that need to be satisfied prior to the commencement of the contract and SenSen will earn a total of US$1,584,500 over the five-year term of the contract, including:
- US$397,600 for the systems, software and commissioning of the units, which will be paid in a milestone delivery-based schedule from May to August 2020.
- US$237,380 annually in recurring revenues and fees for the software licence, hardware maintenance and support services under the five-year term of the contract. This Software as a Service (SaaS) revenue will be paid in equal monthly instalments of US$19,781 over 5 years (60 payments).
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