VerifyMe, a provider of digital security, authentication and tracking technology solutions, has partnered with brand protection company Covectra to market and cross-sell each other’s products and services.
The cross selling agreement, which has been signed as memorandum of understanding, will allow VerifyMe to sell and create a distribution channel to the pharmaceutical, food & beverage, tobacco and other industries.
VerifyMe CEO Patrick White said: “We are excited to team up with Covectra and believe our technologies when integrated together provide a stronger complete solution for brand protection. This agreement quickens our penetration into the pharmaceutical industry.”
VerifyMe said that the deal will address the new serialization, track and trace technology requirements mandated by the US Food and Drug Administration (FDA) for the pharmaceutical industry in November 2018.
Covectra CEO Stephen Wood said; “VerifyMe has superior technology and we look forward to working together to address security, authentication and brand protection across various industries.
“The recent mandate by the FDA for serialization, track and trace technology for the pharmaceutical industry is a ripe multi-billion-dollar opportunity for our partnership to address.”
The strategic partnership agreement will specifically allow integration of Covectra’s serialization code generation and management, packaging line serialization system, and authentication engine (AuthentiTrack) with VerifyMe’s VeriPAS covert authentication system.
Under the deal, Covectra will be responsible for marketing and selling AuthentiTrack with the VeriPAS integration to customers who seek covert marking products and services, while VerifyMe will market and sell VeriPAS with the AuthentiTrack integration.
VerifyMe will also sell Covectra’s integration services to customers who seek solutions integrated into their packaging lines.
The agreement also allows the firms to work together to commercialize Covectra’s StellaGuard solution for use with the HP Indigo digital printing presses that dispense VerifyMe’s RainbowSecure ink.
Additionally, the partners will integrate the StellaGuard solution with VeriPAS to allow customers to use one application to read both the StellaGuard “stars” and VerifyMe’s covert RainbowSecure ink.
VerifyMe will serve as exclusive reseller of the StellaGuard product for use with the HP Indigo digital printing presses.