NeoMedia licenses patents to Progressive
Financial terms of the deal were not disclosed.
Boulder-based NeoMedia (OTC BB: NEOM) is a pioneer in 2-D mobile barcode technology that can transform mobile devices with cameras into barcode scanners.
Progressive will use NeoMedia's intellectual property in its mobile offerings for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles and homes. Progressive offers shopping tools and services such as Name Your Price, the Snapshot Discount and a concierge level of claims service.
"This agreement is another step forward in responsibly leveraging intellectual property, as mobile technology plays an increasingly important role across all industries, and we appreciate Progressive's leadership in this regard," said Laura Marriott, chief executive of NeoMedia. "As businesses continue to realize the efficiency that mobile barcode technology creates, it's critical that they deliver solutions that reflect responsible IP practices and that means licensing the appropriate IP."
NeoMedia's customers include international brands, agencies, handset manufacturers and platform providers. NeoMedia's portfolio of patent licensees includes Microsoft and Kraft Foods Group Inc.
Progressive, the fourth-largest auto insurance company in the United States, is held by The Progressive Corp.(NYSE: PGR) based in Mayfield Village, Ohio.
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