SiVault Systems, Inc. (SiVault), incorporated on March 12, 1999, is engaged in the commercialization of technologies designed to implement secure electronic solutions and retrieval of signed documents and biometric signature-based authentication for electronic transactions. The Company's initial target markets are the retail and healthcare industries. For its retail customers, SiVault offers ReceiptCity, a software solution designed to store electronic copies of signed customer receipts to facilitate billing inquiries. For its healthcare customers, the Company offers an electronic prescription service utilizing biometrically authenticated signatures, thereby reducing prescription fraud and filling errors and facilitating compliance with new standards relating to medical record access. Through its wholly owned subsidiary, Lightec Communications, Inc. (Lightec), SiVault also provides design, installation and technical support services for information technology systems.
Effective February 13, 2006, the Company entered into a product technology and license agreement (the Agreement) with Hypercom Corporation, a company engaged in the design, manufacture and sale of electronic payment solutions worldwide. Pursuant to the Agreement, SiVault granted Hypercom a perpetual, worldwide license to demonstrate, market and distribute to its customers, distributors, resellers and other end users SiVault's products and services, including SiPay, Sipay, Mobile SiSign, SiSeal, ReceiptCity and all related software. In addition, the Company granted to Hypercom a perpetual, worldwide license to use, copy, modify and create derivative works based on certain SiVault technology, including technology pertinent to distributed security systems, payment methods, identify establishing services and processing payments via short message service.
Technology Solutions
ReceiptCity is a branded software solution targeted to retail enterprises that stores electronic copies of signed receipts of customers to facilitate billing inquiries and decrease the number of charge-backs that otherwise would occur due to merchants' inability to timely locate and present proof of transactions. This product can be combined with the Company's data analysis technology to enable merchants to create targeted advertisements delivered directly to credit card terminals while the customer is waiting for credit card authorization; recognize and track customers' shopping patterns; and track efficiency of marketing campaigns and promotions. To support ReceiptCity, merchants must have credit and debit card processing capability, point-of-sale terminals capable of biometric signature capture and Internet connectivity. SiVault may enter into arrangements with third-party providers of these facilities.
Other products and services the Company offers include Biometric signature registration, Biometric signature authentication per transaction and Database security protection (access control). SiVault also offers digital pen and paper for forms input. The product consists of a digital pen that contains ink and a small camera that captures pen strokes and puts them into digital form. After docking the pen in its cradle, the data is automatically integrated into the enterprise data infrastructure. It is targeted to businesses with processes that rely heavily on filling out paper forms, including retail and healthcare businesses.
SiVault plans to offer an electronic prescription solution utilizing biometrically authenticated signatures, thereby reducing prescription fraud and filling errors and facilitating compliance with new standards relating to medical record access. The service will provide a systematic way to capture signatures of medical doctors who prescribe medication, utilizing devices such as signature pads, pen computers and person digital assistants. Once authenticated, a secure prescription with a unique number will be created and centrally stored. A hard copy of the prescription can be given to the patient, and/or the prescription can be routed in electronic form directly to the dispensing pharmacy.
The Company competes with A4 Health Systems, Allscripts, SureScripts, Alteer, ChartLogic, eInformatics, E-Physician, Health Probe, I-Scribe, Medical Manager/WebMD, OnCall Data, Pocket Scripts and RxMadeSimple.
Lightec Operations
Lightec provides telecommunications design, installation and information technology services. Lightec's customer base, which is primarily located in northeastern United States, consists of educational institutions, including universities and local school systems, governmental entities, hospitals and corporations. Lightec's projects involve design and installation of cable and fiber optic networks. Lightec's target market includes government, manufacturers, processors, utilities, banks, schools, universities, research complexes, media conglomerates, securities and commodities exchanges, law firms, consulting and research organizations, and transportation service companies.
SiVault competes with Verizon and SNET.
Effective February 13, 2006, the Company entered into a product technology and license agreement (the Agreement) with Hypercom Corporation, a company engaged in the design, manufacture and sale of electronic payment solutions worldwide. Pursuant to the Agreement, SiVault granted Hypercom a perpetual, worldwide license to demonstrate, market and distribute to its customers, distributors, resellers and other end users SiVault's products and services, including SiPay, Sipay, Mobile SiSign, SiSeal, ReceiptCity and all related software. In addition, the Company granted to Hypercom a perpetual, worldwide license to use, copy, modify and create derivative works based on certain SiVault technology, including technology pertinent to distributed security systems, payment methods, identify establishing services and processing payments via short message service.
Technology Solutions
ReceiptCity is a branded software solution targeted to retail enterprises that stores electronic copies of signed receipts of customers to facilitate billing inquiries and decrease the number of charge-backs that otherwise would occur due to merchants' inability to timely locate and present proof of transactions. This product can be combined with the Company's data analysis technology to enable merchants to create targeted advertisements delivered directly to credit card terminals while the customer is waiting for credit card authorization; recognize and track customers' shopping patterns; and track efficiency of marketing campaigns and promotions. To support ReceiptCity, merchants must have credit and debit card processing capability, point-of-sale terminals capable of biometric signature capture and Internet connectivity. SiVault may enter into arrangements with third-party providers of these facilities.
Other products and services the Company offers include Biometric signature registration, Biometric signature authentication per transaction and Database security protection (access control). SiVault also offers digital pen and paper for forms input. The product consists of a digital pen that contains ink and a small camera that captures pen strokes and puts them into digital form. After docking the pen in its cradle, the data is automatically integrated into the enterprise data infrastructure. It is targeted to businesses with processes that rely heavily on filling out paper forms, including retail and healthcare businesses.
SiVault plans to offer an electronic prescription solution utilizing biometrically authenticated signatures, thereby reducing prescription fraud and filling errors and facilitating compliance with new standards relating to medical record access. The service will provide a systematic way to capture signatures of medical doctors who prescribe medication, utilizing devices such as signature pads, pen computers and person digital assistants. Once authenticated, a secure prescription with a unique number will be created and centrally stored. A hard copy of the prescription can be given to the patient, and/or the prescription can be routed in electronic form directly to the dispensing pharmacy.
The Company competes with A4 Health Systems, Allscripts, SureScripts, Alteer, ChartLogic, eInformatics, E-Physician, Health Probe, I-Scribe, Medical Manager/WebMD, OnCall Data, Pocket Scripts and RxMadeSimple.
Lightec Operations
Lightec provides telecommunications design, installation and information technology services. Lightec's customer base, which is primarily located in northeastern United States, consists of educational institutions, including universities and local school systems, governmental entities, hospitals and corporations. Lightec's projects involve design and installation of cable and fiber optic networks. Lightec's target market includes government, manufacturers, processors, utilities, banks, schools, universities, research complexes, media conglomerates, securities and commodities exchanges, law firms, consulting and research organizations, and transportation service companies.
SiVault competes with Verizon and SNET.
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