LocatioNet to Expand North American Markets
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[JERUSALEM] Location-based service provider LocatioNet opened a subsidiary in New York, its first outside Israel.
LocatioNet's Platform is a modular, real-time technology that enables rapid integration of its mapping engine and a variety of technologies, content and applications to meet location-determination needs.
The company is increasing its presence in the U.S., hoping to capitalize on the FCC's deadline for the E-911 mandate, which will require cellular carriers to be able to pinpoint the wireless source of emergency 911 calls. Vice president of marketing and business development Danny Cohen expects the mandate to boost the location-based service industry.
"E-911 is the main push for location-based services," he said. "The mandate is going to help the industry go forward with other services." Cohen said the company is aggressively seeking partnerships with cellular carriers, adding that in this type of industry, the option of a merger and acquisition is a normal possibility."
The company recently announced a partnership with RegiSoft, a Tel Aviv-area developer of m-commerce value-added services. Under the agreement, the two companies will provide mobile service providers and cellular operators with e-tickets, e-coupons and e-vouchers to interested users located within 10 kilometers of a featured business.
LocatioNet's technology currently serves an estimated 350,000 commercial mobile users worldwide.
In October 2000, LocatioNet signed an agreement with Jerusalem Global Ventures in which the venture capital group will invest up to $8.5 million in exchange for a 30 percent stake in LocatioNet. The company expects to be profitable in 2002.
LocatioNet has 40 employees in Israel and the U.S. In addition to New York, it plans to open a European office in the coming months.