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afterBOT Awarded Second Patent for Retail Industry Digital Receipt System
Tuesday, November 02, 2010
Norcross, GA -- afterBOT, Inc., the retail industry leader in digital receipt technology and services, announced today that it has been awarded U.S. Pat. No. 7,742,989. The patent adds further depth to afterBOT's intellectual property (IP) portfolio and the supporting commercialization program recently launched with the assistance of ipCapital Licensing Company LLC (ipCLC), one of the world's most experienced IP licensing companies.
afterBOT's second U.S. patent, entitled "Digital receipt generation from information electronically read from product," covers inventions related to recording, storing, and transmitting information regarding a product included in a sales transaction. The process uses any of a wide range of retail point-of-sale technologies such as barcode scanners, optical scanners, and radio frequency (RF) receivers to collect product information directly from product labels or tags to generate digital receipts for retailers and consumers. Digital receipts can be used by retailers and their suppliers to obtain actionable insights for enhanced merchandising and marketing. Consumers can use digital receipts to improve the way they manage personal finances and interact with retailers in many value-added applications.
This patent enhances the value and market applicability of afterBOT's growing IP portfolio, which includes one other U.S. patent (U.S. Pat. No. 7,552,087 awarded in 2009) and dozens of additional strategic inventions that are in process for patent protection.
"There are lots of different ways for the extended retail industry to use our new patent," said John Simon, CEO of afterBOT. "One simple example would be for retailers and manufacturers to collaborate to automate registration of products with serial numbers so as to improve the warranty authorization, extended service, parts, and recall process across multiple retailers, distributors, and authorized service centers."
"We are thrilled that this patent has been awarded to afterBOT. It adds clear value for afterBOT and its commercialization partners who are positioned to integrate related technology in their marketing and supply chain operations to grow revenue opportunities, improve margins, and enhance consumer satisfaction," said John Cronin, Founder of ipCLC. "What started as a strong IP story is now improved even more for a wide range of retailers, suppliers, and other technology providers in the retail value chain."
About afterBOT
afterBOT, Inc. combines atomic level, real-time digital receipt based software technology with patented industry solutions to provide a comprehensive, secure business management system that can drive top and bottom line growth for retailers, manufacturers and related third parties. afterBOT was founded in 2000 and is privately held. afterBOT's investors include Chrysalis Ventures and, e-RM Ventures. For more information visit us at www.afterBOT.com.
About ipCapital Licensing Company
ipCapital Licensing Company (ipCLC) is one of the world's most experienced intellectual property ("IP") licensing companies. We provide IP sales and licensing services to companies of all sizes in the public and private markets and across most industries. All of our clients benefit from senior-level attention from partners with a wide range of industry expertise. ipCLC has assembled a team experienced in IP sales and licensing transactions. The team is led by John Cronin, founder and Chairman of ipCapital Group, Inc., an intellectual property consulting firm. For more information, visit www.ipclc.com.
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