The company, funded by a top tier Silicon Valley venture capitalist, will
develop a new pen platform for the consumer market with technology licensed
from Anoto Group AB.
The company will pay Anoto Group AB 3,5 MUSD for access to the Anoto
technology. Of this, 1 MUSD will be paid upon signing of the contract and the
remaining part will be paid in 2008. Anoto will also receive royalties based on
net sales.
Signing of the contract means that Anoto Group AB will no longer be liable for
the earlier announced costs of approx. 18 MSEK for closing down its operation
in Oakland.
“The opportunity for applications of Anoto's digital pen and paper technology
is unlimited. We have worked closely with Anoto for the past year and are eager
to apply Anoto's technology in new ways,” says Jim Marggraff.
“We have reached the tipping point for digital pen and paper technology, as
sales for our forms business continues to grow quarter over quarter. We are
delighted to have Jim and his team advance from a research to a development
phase as a partner to Anoto. This new platform will expose the digital pen and
paper technology to the consumer market and we believe this will accelerate the
adoption of all partners' digital pens and shorten sales cycles for our
enterprise forms solutions,” says Anoto Group AB's CEO Anders Norling.
