Israeli start-up LocatioNet Systems , which develops location-based services, today announced a global distribution license and service agreement with Ericsson.
Under the agreement, Ericsson will resell and support the LocatioNet location-based services (LBS) platform to Ericsson's worldwide customer base.
LocatioNet marketing and sales VP Arnon Dembo said the deal with Ericsson was potentially worth several million dollars in the coming year, and estimated the company’s likely revenue this year at $2.5 million.
LocatioNet Systems president and CEO Ofer Tziperman said, "We are very pleased with this collaboration. Ericsson is a world leader in wireless technology in general, and in the LBS market in particular, and being introduced to their clients throughout the world is a powerful endorsement of LocatioNet products. With offices in Europe, the United States, Brazil and Israel, LocatioNet is well equipped to meet the demand that these introductions will bring forward."
LocatioNet was founded by Ofer Tziperman and Meir Dan in May 2000. Its products are designed for cellular operators and producers of website navigation solutions.
In the past year, LocatioNet has raised $13.5 million in total at a company value of $30.5 million after money. Investors include Telecom Italia, which invested $1.5 million, Jerusalem Global Ventures, Bank of America, the Aktiva group from Slovenia and China Development Industrial Bank.
LocatioNet is headquartered in the Poleg Industrial Zone in Netanya.
Published by Globes [online] - www.globes.co.il - on 2 July, 2002