- Beston Global Food Company (BFC) subsidiary, Beston Technologies, has entered an agreement with technology company, Digimarc
- Digimarc, a Nasdaq-listed company, provides automatic identification technology for a wide range of media
- Both companies plan to integrate Digimarc’s automatic identification platform into Beston’s OZIRIS platform
- Specifically, this platform allows consumers to find information about the source, quality, and integrity of ingredients in BFC’s food and beverages
- The resulting technologies will provide e-commerce traceability, product authentication, and anti-counterfeiting software services
- The companies expect the integration work will take roughly six months to complete
- Beston Global Food Company entered a trading halt this morning, with shares last trading for 10.5 cents each
Beston Global Food Company (BFC) subsidiary, Beston Technologies, has entered an agreement with technology company, Digimarc.
Digimarc, a Nasdaq-listed company, provides automatic identification technology for a wide range of media. This includes packaging, commercial print, digital images, audio, and video.
The two companies have executed a memorandum of understanding (MOU) to combining their respective technologies. The goal is to integrate Digimarc’s automatic identification platform into Beston’s OZIRIS Platform.
OZIRIS, along with Beston Technologies’ BRANDLOK, eliminates the risk of the company’s products being counterfeited. Specifically, the platform allows consumers to find information about the source, quality, and integrity of ingredients in BFC’s food and beverages.
By integrating one platform into another, the companies hope to create solutions which build genuine ‘food trust’ for consumers. The resulting technologies will provide e-commerce traceability, product authentication, and anti-counterfeiting software services.
Beston and Digimarc will integrate their two platforms with the assistance of software engineers and hardware specialists. These experts will come from the University of Adelaide and the University of Technology Sydney.
The project will also receive some assistance from the Innovation Connections grant. This grant forms part of the Federal Department of Industry, Science, Energy, and Resources Entrepreneurs Program.
Beston’s Chairman, Dr Roger Sexton, said that key elements of Beston Technologies’ and Digimarc’s platforms were a good strategic fit. He also noted the mutual benefits which both companies would reap through the MOU.
“The partnership arrangement will enable the two parties to work together to integrate their respective technologies, to deliver leading-edge solutions to customers and consumers for traceability, product authentication, and anti-counterfeiting,” Roger said.
“The [software as a service] solutions intended to be provided from the merged technologies of Beston Technologies and Digimarc will offer greater protection to vulnerable growers, manufacturers, retailers, and customers than are generally available through other competitive systems,” he continued.
Beston Technologies and Digimarc expect the platform integration work to take approximately six months to complete.
During that time, the companies will conduct trials of the new generation OZIRIS Platform on nominated Australian food and beverage companies. These will include Beston Global Food Company’s high-value lactoferrin nutraceutical goods.
Beston Global Food Company entered a trading halt this morning, with shares last trading for 10.5 cents each.