Chicago, IL, September 17, 2010 – Geneseo Communications, Inc. (www.geneseo.net) and Anderson Pacific Corporation (www.andersonpacific.com) have formed iTextAlert, LLC, which today completed the acquisition of the North American rights to a proprietary software source code in the wireless monitoring and control industry.
The seller is a Hong Kong-based company, Insite Communications, Ltd., whose principals over the past years have developed and refined a software that allows their proprietary device to receive inputs from various locations, such as windows, doors, thermostats, fluid levels, and motion detectors, from sensors. The device then transmits a message as directed to cell phones, PDAs, computers or monitoring centers.
The wireless industry segment this product will penetrate is known as Machine to Machine (M2M), a nascent telecom sector that is expected to grow to millions of users in the “non voice” cellular communications field, which is ultimately expected to consume 20 percent of wireless traffic in the coming decades.
The iText service works through a proprietary switching agreement that allows the device to work wherever GSM coverage exists. iText will further develop the mobile device and improve its software. It expects to initially market its service through various telecom industry and other channels by mid 2011.
Geneseo is a holding company for a local telephone exchange in western Illinois that has been active in the formation of several investment companies. Anderson Pacific is a Chicago-based private equity firm specializing in the telecommunications industry. The companies are or have been partners in cable television systems, regional fiber optic networks, wireless back haul networks and a Chicago data center.
The company will be headquartered at GCI’s office in Geneseo, Illinois, with an executive and corporate development office in the John Hancock Center in Chicago.
For further information, please contact Christopher J. Jensen, Managing Director, Anderson Pacific Corporation, 875 North Michigan Avenue, Suite 3100, Chicago, Illinois 60611, (312) 602-5488, Chris@andersonpacific.com