- SenSen Annual Recurring Income (ARR) of North America to exceed AU $ 1.5M per year through new orders from Chicago Parking Meters and contract renewals from existing customers in the region.
- Increases SenSen’s current ARR guidelines for ~ AU $ 4.5 million for FY2022 and beyond, on the basis of orders and confirmed contracts in progress.
- Completed the hiring of key marketing and sales executives to accelerate growth in the region; and additional staff hired to increase key account management and customer support in the region.
- North American head office opens in Las Vegas, Nevada, equipped with a range of SenSen solutions for demonstrations and sales to customers
- Established engagements with multiple channel partners to increase sales momentum in the region.
- SenSen will participate and present at several industry vertical trade shows and conferences in the region over the next six months to support marketing efforts and promote SenSen solutions in the region.
MELBOURNE, SYDNEY and LAS VEGAS, April 21, 2021 / PRNewswire / – Leading provider of software solutions for smart cities and AI SenSen Networks Limited (ASX: SNS, OTCQB: SNNSF, “SenSen” or “the Company“) is pleased to provide an update on its expanding business in the United States.
Revenue and sales
On the back of new orders and contract extensions, SenSen’s ARR from North America crossed AU $ 1.5M, which consists on:
- Revenues from new orders from Chicago Parking Meters;
- Renewals and extensions of contracts from the cities of Calgary and Edmonton (Canada);
- Newly acquired Snap Network Surveillance multi-camera people tracking software customer contract renewals; and
- Locked in a contract with the City of Las Vegas (Nevada) for the management and enforcement of parking.
This represents strong growth in overall turnover and in particular in the ARR of North America, which currently represents more than a third of the ARR contracted by SenSen (~ AU $ 4.5 million) in FY2022. ARR growth is expected to continue, with the establishment of new channel partner agreements and targeted sales and marketing activities underway.
SenSen’s revenue base in North America now fully funds operations in the United States and Canada, providing a solid platform for organic growth as the U.S. economy resurfaces from the impacts of the COVID-19 shutdown. The stability of SenSen’s North American customers demonstrates a stable and high-referral customer base to further accelerate sales growth in the region.
Chicago Parking Meters
In the American Midwest, SenSen works with Chicago Parking Meters (www.parkchicago.com) to provide parking and traffic analyzes in the City of Chicago (Illinois), the third largest city in the United States. After SenSen successfully completed the POC trial, Chicago Parking Meters ordered several systems from SenSen to improve the efficiency of its on-street parking management operations, which are currently being prepared for deployment in Q4 2021. Additional systems are scheduled for purchase in the next month. These systems are expected to generate both initial and recurring revenue at SenSen.
Snap network monitoring
SenSen received its first round of orders from Snap Network Surveillance (Snap) customers since the acquisition in December 2020. Snap’s AI-powered multi-camera network tracking technology is currently being implemented for customers by the through various resellers – A3 Communications (Caroline from the south), A + Technology (New York City) and Southeast Security (Ohio). SenSen will receive an annual software maintenance fee from these customers.
These new orders are a positive endorsement of the value that Snap technology brings to its customers. SenSen has developed a targeted education and market awareness plan to promote Snap’s multi-camera person tracking and other solutions to this loyal base of partners and end customers, including airports, prisons high security, shopping malls, universities, casinos and law enforcement agencies. .
City of Las Vegas
SenSen has worked extensively with the City of Las Vegas to install Smart City technology on city roads, car parks and garages, as well as to equip a range of municipal vehicles with smart sensors, including scooters and Segways. As part of the gradual deployment of SenSen systems under the contract with the City, several SenSen systems intended to improve the efficiency of on-street and off-street parking management have been put into production in the City of Las Vegas.
Additional systems are expected to go into production in the coming weeks. As previously announced, these systems generate both initial and ongoing income.
SenSen has become an important technology partner of City of Las Vegas. SenSen was recently invited to participate in a paid curbside smart corridor pilot program with the City of Las Vegas in collaboration with Cox Communications (www.cox.com) to explore new avenues to take advantage of SenSen technology.
The pilot’s objective is to use technological solutions to monitor congestion in high traffic areas of the city center. Las Vegas for the next six months with the aim of optimizing the efficiency of all types of transport, in particular passenger cars and taxis. The innovative public-private partnership trial covers six parking spaces along the sidewalk adjacent to the 100 block of Main Street with two digital kiosks that use SenSen’s video analytics and smart parking technology to better manage traffic. curbside loading areas for taxis and carpooling, making conditions safer for visitors and pedestrians.
Video analytics from devices along the sidewalk will capture vehicle and license plate information and send usage data to kiosks to start a countdown. If a vehicle remains in the loading area after the end of the countdown, the system reports the incident directly to the city, ensuring a constant flow of traffic.
US office now open
Under a special grant program, the City of Las Vegas invited SenSen to open its new US office at the Las Vegas International Innovation Center, a high-end site of Las Vegas downtown. The location is offered to businesses, at subsidized rates, who are seen as future disruptors in the tech space that align with City of Las Vegas priorities – including companies operating in IoT (Internet of Things), artificial intelligence, virtual and augmented reality, cybersecurity, water science and advanced mobile data.
At the end of March, SenSen opened its new office, which includes a showroom / demo area for marketing to potential Smart Cities and games customers. SenSen will benefit from a Las Vegas as the world’s leading convention city and global business organizer. The city’s favorable political environment and growing emphasis on innovation make it an ideal place to test and develop new SenSen technologies.
Recruitment of new employees in the region
Following the success of SenSen $ 7.15M capital increase for international expansion in January 2021, SenSen has completed the recruitment of several senior executives to accelerate sales and marketing in North America, comprising:
- Senior sales executive focused on the casino market;
- Senior sales manager focused on the security and surveillance market;
- Account manager to support and manage high value direct clients; and
- Pre-sales and after-sales technical support staff.
SenSen’s North American team now has six staff members with four more to join the team before the end of June 2021, including an additional senior sales manager focused on smart city market and customer support.
“I am delighted to take the lead in hiring new staff and setting up our new US headquarters to help execute our expansion plans in North America, “ said SenSen CEO Dr Subhash Challa.
“While our smart cities Chicago and Las Vegas are built around our core strength in intelligent transportation solutions, we have multiple pipeline opportunities across all of our verticals to pursue.
“In a post-pandemic world, we see significant potential to increase revenues in the United States and other geographies. These recently announced contracts will add significantly to our previously announced revenue for FY2021, but more importantly, will add to our growing ARR profile of FY2022. “
This version is approved by the SenSen Board of Directors.
About SenSen Networks Limited
SenSen’s primary focus is on the development, commercialization and delivery of innovative data-driven business process improvement solutions designed to assist customers in their business operations and dramatically improve business efficiency and productivity. SenSen provides artificial intelligence video analytics and data analytics software solutions to intelligent transportation systems and gaming customers located in Australia, WE, Canada, Singapore, New Zealand, Europe, Indiaand WATER.
Disclaimer – forward-looking statements
This press release may contain forward-looking statements. These statements are based on management’s current expectations, estimates, projections and beliefs regarding future events relating to SenSen’s business and the industry in which it operates. These forward-looking statements are provided for information only and should not be taken as an indication or a guarantee of future performance. The bases for these statements are subject to risks and uncertainties which may be beyond the control of SenSen Networks Limited and may cause actual results to differ from the publication. SenSen Networks Limited assumes no responsibility to make changes to these statements to reflect change in events or circumstances after posting.
SOURCE SenSen Networks Limited