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afterBOT Awarded Patent for Retail Industry Digital Receipt System


Thursday, June 25, 2009

Protecting Consumer Privacy Key Element of Invention

Norcross, GA -- afterBOT, Inc., the retail industry leader in digital receipt technology and services, announced today that it has been awarded U.S. Patent No. 7,552,087, entitled "Electronic Transaction Receipt System and Method" from the U.S. Patent and Trademark Office for its revolutionary system for generating and storing in a central repository digital sales receipts from multiple retailers. With this invention, consumers can securely access, view and download their own electronic receipts from multiple retailers using their computer or mobile device. Additionally, because afterBOT's invention allows the digital receipt data to be securely parsed, stored and de-identified from individual consumers, the same system can use data from aggregated sales transactions across multiple retailers to perform detailed market performance analysis for retailers and their suppliers.

"While this type of detailed consumer purchase data has historically been available to leading retailers through their internal systems, our patented system is the first to allow the secure aggregation of this data across retailers," said John Simon, CEO of afterBOT. "We believe that this will revolutionize the way consumers view receipts and interact with retailers. By converting paper receipts into digital ones, we empower the customer and provide the retailers with a much more timely and targeted system to merchandise to, reach and promote goods to their customers. The invention supports the valuable role suppliers play in marketing and servicing consumers with their retailer partners, and we are committed to continuing to work with industry associations like ARTS, NRF and VICS in developing standards and making the central receipt system work across all parts of the retail industry and the supporting technology infrastructure. We are working with a leading consumer software and services company to test market the system with consumers, retailers, suppliers and selected third-party solution providers this fall."

This patent strengthens afterBOT's TransAccess solution, which extends the NRF ARTS XML Digital Receipt schema to provide a "real time retailing" solution that stores, analyzes and transforms transaction data into actionable insights across the extended retail enterprise, inclusive of both customers and suppliers. TransAccess leverages an atomic-level POS post sale transaction management database to deliver secure, unique views of POS data to customers, employees, and suppliers; improving operational efficiency, increasing marketing effectiveness and enabling an enhanced consumer / vendor collaboration platform.

About afterBOT

afterBOT, Inc. combines a "digital receipt" based technology solution and professional services to provide a comprehensive business management solution driving top and bottom line growth through a suite of customer, marketing and business services focused applications. afterBOT was founded in 2000 and is privately held. AfterBOT's investors include Chrysalis Ventures, Blue Ridge Ventures, e-RM Ventures and Kenzie Lane. For more information visit us at www.afterBOT.com.



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