PALATINE, Ill. -

What is being hailed as a move to “harmonize the recovery industry,” MVTRAC recently reached an amicable transaction with Digital Recognition Network and Vigilant Video involving a license of MVTRAC’s license-plate recognition technology historical tracking patent.

Officials declared the undisclosed terms of the transaction conclude all litigation between the parties.

“We are pleased to announce DRN and Vigilant Video as additions to our list of growing patent licensees. The transaction brings increased enterprise value for all three companies while allowing us all to focus on our business with less distractions,” explained MVTRAC chief executive officer Scott Jackson.

“MVTRAC’s intellectual property will be protected at all costs, so licensees such as DRN and Vigilant Video can grow their businesses knowing that anyone with a low-cost camera and a computer cannot dip into their market share without the significant investment needed to achieve long-term success,” Jackson continued.

Expounding on the agreement with MVTRAC, DRN vice president of brand and corporate development Whitney Neve pointed out that “DRN has collected and aggregated the largest known license plate recognition database with over 680 million ALPR records.

“Such aggregation and maintenance comes at a great expense and effort in both human capital and equipment, and this transaction is intended to increase our enterprise value and protect our investment in growing our business,” Neve insisted.

MVTRAC executive vice president of business development Luke Smith also elaborated about what this deal means to the company’s future.

“We are the leader in ALPR, collecting millions more license plates and far more accurate license plates than any other company. The transaction is a huge milestone for MVTRAC and our core values because we’ve spent millions of dollars on our intellectual property and The Intelligent Data Network,” Smith emphasized.

“In completing this deal, MVTRAC, DRN and Vigilant have made a statement that they will work to harmonize the recovery industry, foster healthy competition and protect their investments from the encroachment of unlicensed and often undercapitalized competitors,” he continued. “Other companies with financial stability and long-term staying power can demonstrate their own commitment to maintaining high industry standards by themselves becoming licensees.” 

Smith went on to add, “Recovery agents and lenders should be wary of purchasing an ALPR system or historical data from companies not licensed with MVTRAC. The cornerstone of ALPR is historical tracking, and forwarding or skip-locating companies who facilitate or purchase historical tracking data from unlicensed ALPR companies will expose their lender customers and recovery agents to liability for infringement.”