afterBOT, Seeking to Expand Monetization of IP Portfolio, Awarded Third Patent for Digital Receipt System
Norcross, GA, September 15, 2011 - afterBOT, Inc.(http://www.afterbot.com/), the leader in digital receipt technology and services, announced today that it has been awarded U.S. Pat. No. 8,001,046. The patent continues to add depth and breadth to afterBOT’s intellectual property (IP) portfolio and the supporting monetization program administered for afterBOT by ipCapital Licensing Company LLC (ipCLC), one of the world's most experienced IP licensing companies.
afterBOT’s third U.S. patent, entitled "System and Method for Automating Product Returns" covers inventions related to receiving automated requests that a Buyer wishes to return a product, matching that request to the original purchase transaction stored in a database, identifying the Seller, and then automating the product return process between the Buyer and Seller. This automation can include processing the request and generating an authorized return label, and in combination with afterBOT’s other IP, can include various other value add processes such as serial number and warranty validation and the incorporation into the process of third parties like the original Manufacturer or Reverse Logistics companies who may be acting as the Seller’s agent with the Buyer.
This patent enhances the value and market applicability of afterBOT’s IP portfolio, which includes two other U.S. patents (U.S. Pat. No. 7,552,087 awarded in 2009, and U.S. Pat. No. 7,742,989 awarded in 2010) and additional strategic inventions that are in process for patent protection.
"We believe that this patented process adds considerable value to for both Consumers and the companies that sell them products and support the return process. A significant percentage of all Consumer purchases result in returns," said John Simon, CEO of afterBOT. "In some categories this can exceed 25% of purchase transactions, and these return transactions can occur well after the initial purchase, years in some cases. Other categories of merchandise, for example prescription drugs, have specific regulatory requirements associated with returns. There may be specific Manufacturer and/or Retailer terms associated with the return which require validation and authorization. There is an entire community of Third Party Reverse Logistics companies that we believe can take advantage of our new patent to improve their service offerings for Retailers, Manufacturers, Distributors and Authorized Service Centers."
"We believe that this patented process adds considerable value to the afterBOT IP portfolio," said John Cronin, Founder of ipCLC. "It adds strength to the original afterBOT system for digital receipts between Consumers, Retailers, and Manufacturers with a new system and method for improving the return process that should be attractive to numerous third party technology and services solutions providers who support the return process behind the scenes. This opportunity is a prime example of mining patent gold."
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.