s a result of the agreement, GPI has acquired the ability to develop, manufacture and distribute additional high-frequency RFID products and systems worldwide. Together IGT and GPI will provide for transition of sales, support and service of IGT's current high-frequency RFID customers.
Casinos worldwide continue to increase their desire for RFID technology in both low (1.25 KHz) and high (13.56 MHz) frequencies. Previously, GPI held rights and licenses for low-frequency RFID products and software systems, as well as limited rights for high-frequency products. This transaction, which provides GPI access to certain RFID related intellectual property for the 13.56 MHz Phase Jitter Modulation technology and the rights to IGT's CIS, will enable GPI to converge RFID applications for the two frequencies and add improved functionality, security and communications with a range of casino systems.
GPI's low-frequency and IGT's high-frequency systems have been the most widely implemented chip tracking technology in the marketplace. Both employ RFID-based capabilities to provide casino operators with the tools necessary to maintain an accurate real-time inventory of the entire stock of chips, and securely and efficiently transfer gaming chips to each table across the casino floor into the cage areas and all validation points. Subsequent to this transaction, GPI's customers will now have a larger array of RFID options and solutions.
"Our leadership in gaming currency and RFID products makes GPI the logical choice for unifying these technologies," GPI President and CEO Greg Gronau commented. "This acquisition will aid in the expansion of our opportunities in RFID systems both in terms of sales or RFID hardware and the licensing of software. This will allow our customers to better secure its currency, authenticate chips, gather other data at the table and cage, while linking with a casino's backend system. We have a strong relationship with IGT and will be working closely with them to provide our customers with a smooth transition," Gronau concluded.
"This transaction will allow our mutual customers to enjoy the technological and creative benefits that will undoubtedly arise from uniting disparate pools of RFID technology under a pit-focused organization like GPI," states Javier Saenz, VP Network Systems. "IGT is committed to serving its customers not only directly with its own market-leading products but also through third-party relationships with companies like GPI."