Acquisition Includes Location Functionality Using Smartphone Sensors Enabling Offline Dead-Reckoning Positioning for Use in Indoor & Outdoor Navigation
PALO ALTO, Calif. and TORONTO, Aug. 20, 2020 /PRNewswire/ -- Inpixon (Nasdaq: INPX), a leading indoor data company that delivers Indoor Intelligence™ solutions, today announced it has acquired a suite of on-device "blue dot" indoor location and motion technologies, including patents, trademarks, software and related intellectual property (IP), from Ten Degrees, Inc., Ten Degrees International and certain other affiliated parties.
"These assets provide a best-in-class solution for device positioning and can operate without an active internet connection or other infrastructure such as Bluetooth or GPS," noted Nadir Ali, CEO of Inpixon. "The addition of this technology within our suite of capabilities further enhances our indoor intelligence platform as one the most robust, in-house offerings available in the market to meet the full range of indoor intelligence needs."
"We are confident that Inpixon, as a leading provider of indoor intelligence solutions, with its comprehensive technology platform, is the right company to leverage and scale this technology," said Ben Lee, Ten Degrees International Board Director. "We look forward to partnering with Inpixon together with our affiliated companies to offer Inpixon's suite of indoor intelligence products to new customers and vertical markets."
The acquired assets include a patented platform of services to enable a smartphone's precise location to be displayed to the user in a mobile app. The technology includes a location engine that delivers dead-reckoning positioning via information derived from the inertial sensors available in current smartphones to synthesize an accurate indoor location with indoor map information. The algorithms and on-device technology enable sensor fusion by combining data from various smartphone sensors, including accelerometers, gyroscopes, magnetometer and barometer, as well as external beacons, such as BLE, to position a blue dot on a map and to correct for drift. The acquisition portfolio includes ten patents, an extensive API library, iOS and Android SDKs, and software code to support solutions on Linux-based IoT devices. Inpixon intends to integrate these technologies directly into Inpixon Mapping.
With the acquisition, Inpixon has strengthened its Indoor Intelligence platform, which offers a one-stop solution for customers. It also enables Inpixon to expand its supported features and customer use cases to include body movement and direction facing, as well as worker safety applications such as "man down," adding to established use cases such as indoor navigation, workplace readiness and safety, workforce productivity, customer engagement, asset tracking, messaging, security and more.
"With this acquisition we're adding key capabilities to our in-house offering," said Adam Benson, CTO of Inpixon. "The acquired technologies run on a wide variety of smartphone and Linux-based IoT devices without requiring any user calibration to help solve users' day-to-day challenges. We are dedicated to remaining technology-agnostic and supporting a wide variety of third-party blue dot solutions from our robust portfolio of partners, and we are also excited to be able to offer our customers an Inpixon-branded positioning solution as part of our mapping platform."
"We believe these newly acquired technologies can open up significant new markets for Inpixon with customers looking for positioning that doesn't require installation of infrastructure and that has lower configuration and maintenance effort required," added Mr. Ali. "As noted in the report, 'A Review of Pedestrian Indoor Positioning Systems for Mass Market Applications,' 'there is a special interest in developing IPS [indoor positioning systems] that can be easily scaled to mass market applications and deployed in millions of buildings in the world.'"
For further information regarding the terms and conditions of the transaction, the Asset Purchase Agreement under which the assets were acquired and other related transactions, please see Inpixon's Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission, in connection with this transaction.
Inpixon® (Nasdaq: INPX) is the Indoor Intelligence™ company that specializes in capturing, interpreting and giving context to indoor data so it can be translated into actionable intelligence. The company's Indoor Intelligence platform ingests diverse data from IoT, third-party and proprietary sensors designed to detect and position active cellular, Wi-Fi, UWB and Bluetooth devices. Paired with a high-performance data analytics engine, patented algorithms, and advanced mapping technology, Inpixon's solutions are leveraged by a multitude of industries to do good with indoor data. This multidisciplinary depiction of indoor data enables users to increase revenue, decrease costs, and enhance safety. Inpixon customers can boldly take advantage of location awareness, analytics, sensor fusion and the Internet of Things (IoT) to uncover the untold stories of the indoors. For the latest insights, follow Inpixon on LinkedIn, Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to integrate newly acquired technologies and products into our operations, including the technology and assets described in this release, the fluctuation of economic conditions, the impact of COVID-19 on Inpixon's results of operations, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Inpixon's technology, Inpixon's ability to maintain compliance with Nasdaq's minimum bid price requirement and other continued listing requirements, including during a panel monitoring period ending on February 5, 2021, the ability to obtain financing, competition, general economic conditions and other factors that are detailed in Inpixon's periodic and current reports available for review at sec.gov. Furthermore, Inpixon operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Inpixon disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
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