- SenSen (SNS) has won a contract to provide aspiring smart city, Las Vegas with its intelligent transportation software
- Under the contract, SenSen will provide two of its SenFORCE mobile parking enforcement units and 80 of its Gemineye Mobile units for use in enforcement vehicles
- Sensen will earn roughly US$1.5 million, or approximately A$2.5 million over the five-year term of the contract
- Shares are yet to trade this morning but company shares closed at seven cents each last session
SenSen (SNS) has won a contract to provide to aspiring smart city Las Vegas with its intelligent transportation solutions.
The City of Las Vagas is aiming to become a smart city by 2025 and will use SenSen's technology to help automate the enforcement of hundreds of traffic and parking bylaws.
Under the contract, SenSen will provide the City of Las Vagas with its two of its SenFORCE mobile parking enforcement units and 80 of its Gemineye Mobile units for use in enforcement vehicles.
The mobile parking enforcement system SenFORCE is mounted onto an enforcement vehicle and preloaded with all parking zone and rules. When the vehicle is driven, SenFORCE automatically identifies vehicles violating bylaws.
Gemineye, on the other hand, is a mobile app providing authorities access to a cloud-based smart city platform. The City of Las Vagas will provide this to officers in enforcement vehicles, Segways and Go4 scooters.
The contract will see Sensen earn US$1,584,500 million, or approximately A$2.5 million over the five-year term of the contract. Importantly, this contract was not included in the company's operations update released at the start of April.
Payment will be made up of a US$397,600 (roughly A$638,000) milestone delivery payment, scheduled for May to August 2020, and US$237,380 ( Roughly A$376,000) in annual fees for the software and support services as well as hardware maintenance. This will be paid in 60 monthly instalments over the contract term.
SenSen CEO Dr Subhash Challa said the company is extremely proud of the partnership which it hopes will be followed by more aspiring smart cities.
“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."
"SenSen expects its operations will continue to grow in the US as more cities seek Smart City intelligent transportation solutions," he continued.
SenSen indicated it is in active discussion with other U.S. cities, which will be announced once agreements are secured.
Today's announcement was released before the market open. Yesterday SenSen shares closed at seven cents each.