ASX-listed anti-counterfeiting technology company, YPB, has acquired US based anti-counterfeit App and online business, Brand Reporter.
According to a company statement, Brand Reporter is a fully developed, revenue generating business, which provides an App-based and on-line anti-counterfeit solution for Brand Owner customers and consumers globally.
"The acquisition provides YPB with an immediate presence in the US market with a live and growing order book, and it will also deploy a US sales team to grow the Brand Reporter customer base," according to a company statement.
"In parallel, the full application suite will be translated into Chinese and sales will commence in China and in other markets."
Brand Reporter’s customer base includes one of the largest European-based global oil product companies and one of the world’s largest apparel licensing companies, known for its license arrangements with US sports associations.
According to a company statement, the acquisition allows YPB to expedite its goal to develop a global database of counterfeit goods through the concept of ‘crowd sourcing’ using mobile App and web tools.
Consideration for the acquisition is; 1,752,055 Ordinary YPB shares at a volume weighted average prise of $0.22 from August 8-29, plus cash of US$125,000.
In August, YPB Group won a supply contract with the Chinese government's ministry of public security to provide its invisible tracer products and T1 scanners.
The contract is with the First Research Institute of the MPS for a trial of YPB’s anti-counterfeit products and services, and will have an initial focus on access control and personnel identification.
Brand Reporter was developed by Los Angeles-based technology incubator company, Curious Minds.
It sells a ‘white-labeled, web and App reporting application that provides companies and consumers the tools to identify, track and catalogue counterfeit products, anywhere in the world.
Through the Brand Reporter App, employees, distributors, retailers and consumers are able to report infringing items plus purchase or sale location data, price information, and other relevant data.
There is a patent pending on the Brand Reporter product.