- Remark Holdings, Inc. (NASDAQ:MARK) has secured the first phase of a rollout by the Rio De Janeiro police department to equip the existing police car fleet with license plate and facial recognition capabilities.
- The deployment, expected to be completed within 120 days, is a 30-month recurring revenue subscription deal worth more than $6 million.
- The current technical due diligence period, when passed, will immediately grant additional revenue opportunities for Phase 2 and Phase 3.
- Remark AI collaborated with iProp.Tech, a local Brazilian system integrator, to execute and implement the Rio de Janeiro police department’s requirements.
- “Winning this contract establishes the credibility to bid for the $130 million opportunity solicited by the Sao Paulo City Government to provide license plate and facial recognition solutions throughout the city,” commented Eduardo Ventura, CEO of iProp.Tech.
- Price Action: MARK shares are trading lower by 5.6% at $1.2550 on the last check Wednesday.
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