Vesdia acquires Source patents for POS transactions
The private-label loyalty solutions provider Vesdia Corporation has acquired the rights to a family of patents previously held by SOURCE Inc. Among the acquired rights is a US Patent entitled "Centralised consumer cash value accumulation system for multiple merchants" which includes 21 claims on methods and systems related to retail point-of-sale transactions.
Combined, the patents provide specific coverage for several inventions related to the electronic tracking of shopping transactions for the purpose of providing consumers rebates from multiple retailers. The addition of these patents to Vesdia's existing portfolio provides greater IP (intellectual property) coverage relating to gift certificates, coupons, credit cards, electronic transactions and consumer loyalty programmes.
"Enhancing the strength and scope of our IP portfolio is an important aspect of our strategy for transaction processing and consumer loyalty," said Peter G. Davis, president and CEO for Vesdia Corporation. "While the acquisition of these patent protections represents a significant investment, it is more than justified by the off-setting increase in our long-term shareholder value."
Network building As part of the reciprocal transaction, Vesdia has also agreed to add its patents, technology platform, and four primary loyalty brands (BabyMint., NestEggz, FundraiserRewards and StockBack) to the SCORE Rewards Network. This means that SCORE's various affinity groups will now have access to these loyalty programmes, and can either implement them as private label programmes or offer them to their members under the existing brand names.
"SOURCE is committed to building its network, and to tracking network transactions which add value for our members and merchant affiliates while giving something back to the community and charitable organisations through our Humanitarian Empowerment Loyalty Program (H.E.L.P.)," explained Richard G. Stewart Jr., founder and CEO for SOURCE. "Vesdia believes in the strength of our patents and the value of our network and has agreed to help build it."