Anoto Group AB Announces New US-Based Pen Partner
Anoto Group AB, the world leader in digital pen and paper technology, today announced a licensing agreement with a new pen partner headed by Jim Marggraff, former CEO of Anoto Inc. in Oakland.
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.