IVS enters overseas markets, securing a foothold in Singapore, Indonesia
IVS (Intelligent Video & Sound) armed with the world’s leading-edge technology for video and voice analysis technology using artificial intelligence, has entered the Southeast Asian market in earnest.
The company set up a corporation in Singapore on March 7 and decided to invest $1 million as part of its plan to actively advance into the Southeast Asian market based on its Singapore subsidiary, IVS CEO Bae Young-hoon said on March 8.
IVS signed a business partnership agreement with three Indonesian companies during the SECON 2019 (International Security Exhibition & Conference) held at KINTEX in Ilsan from March 6 to 8, he said.
In particular, the signing ceremony between IVS and the PT IKP was conducted inside the Indonesian Embassy in Korea with the cooperation of the embassy, and both sides agreed to fully cooperate in carrying out the Indonesian police and other government projects.
The three companies that signed the business partnership with IVS are PT Tetap Setia Securiti Indonesia (TSSI), PT Handal Solusitama (PT Handal), and PT Infra Karya Pratama (PT IKP). TSSI is a government-run organization that operates a police school, and is working to discover and introduce new technologies that can be introduced to Indonesian police and public organizations, and its core personnel are former high-end police and soldiers.
PT Handal is a company that provides security solution integration services for large retail shops such as ZARA, Uniqlo and Lotte Mart in Indonesia and has about 80 engineers. PT IKP is an Indonesian telecommunication service company based in Jakarta and has major telecommunication companies as its customers. Mr. Gugun Suangga, founder of PT IKP, serves as an assistant to the central government department responsible for the Indonesian IT business-related budget.
To maintain more active strategic partnership with PT IKP and PT Handal, IVS signed an MOU for purchase conditional product development with them additionally. Under the MOU, the two companies will provide IVS with information on specifications required by the market to localize the security solution market successfully in Indonesia. Based on this, IVS will ensure priority sales rights to the two companies for products being developed and developed locally.
IVS will develop the Singapore corporation into a bridgehead to advance into Indonesia, China, Vietnam and the Middle East, as well as Singapore, in the future with an aim to achieve more than $3 million in sales in 2019, CEO Bae added.
