The Icetana Ltd (ASX: ICE) share price has soared 19.23% today and is trading at 16 cents at the time of writing.

Icetana is a global software company providing video analytics solutions designed to automatically identify inconsistent actions in real-time for large scale surveillance networks.

The software integrates with customers' existing video management systems and IP cameras.

Icetana share price soars after announcing new contract

Prior to the Icetana share price soaring, the company announced it secured a three-year contract with a Singapore resort. The contract is worth $536,000 and will be operated through security services vendor Prosegur Singapore Pte Ltd.

This is the first time that Icetana has worked with an integrated resort customer outside of Australia. The company believes there will be more international opportunities.

The contract has been priced on a software-as-a-service (SaaS) basis and will contribute to Icetana's annual recurring revenue.

In November, Icetana reported that the company entered a contract with a Canadian power utility. The five-year contract is valued at CAD$90,000.

In its December 2020 quarter-end report, Icetana reported $231,000 in receipts from customers for the quarter. As at 31 December 2020, there was approximately $134,000 in receivables due.

Comments from the Icetana CEO

Sharing his insight about the Singapore deal, Icetana CEO Matt Macfarlane said:

This order represents the culmination of an extended process undertaken by the icetana and Prosegur teams. This was one of the COVID-19 affected projects that we are very pleased to see progress to an implementation stage. Particularly encouraging is the clear choice of the icetana motion intelligence platform over direct competitors. This represents icetana's largest SaaS based recurring revenue contract to date. The opportunity to expand the number of cameras at this Singapore site and in other locations controlled by this end-user is potentially very significant to icetana.

Icetana share price snapshot

The Icetana share price has fallen more than 43% over the past 12 months. Year-to-date, it's dropped nearly 13%.

At current prices, Icetana has a market capitalisation of $13.9 million.

The post Here's why the Icetana (ASX:ICE) share price is up 19% today appeared first on The Motley Fool Australia.