ROSH PINA, ISRAEL--(Marketwired - Feb 8, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has appointed MDS Electronics as its exclusive distributor to the Italian market.
Founded in 1984, Milan-based MDS Electronics is a leading distributor of control terminals, and credit and identification systems for cash and cashless payments. Its solutions are primarily sold to the vending, gaming, ATM, and office automation markets.
MDS will incorporate oti's new otiMetry solution, which includes its 3-in-1 TRIO NFC-based cashless readers and CONNECT 3000 vending telemetry controller, into MDS' installed base of vending machines, as well as future manufactured vending machines. The otiMetry enables communication between vending machines, allowing operators to remotely manage an individual machine or entire fleet of machines.
The agreement requires MDS to purchase at least $1.1 million of otiMetry solutions by the end of 2017. The companies plan to go-to-market with the integrated system immediately.
"Following an extensive evaluation process, otiMetry exceeded our benchmarks for quality, reliability and innovation," said Sergio De Payevsky, CEO of MDS Electronics. "otiMetri's modular solution provides our valued customers with real-time insights and management capabilities into their growing fleets. I am confident our customer base will eagerly adopt the cost-effective solution."
Eran Bar, oti sales manager for the Europe, Middle East, and Africa (EMEA) region, commented: "Our partnership with MDS marks oti's entry into the Italian vending market -- a market known for innovative and high-end vending machine consumables, like pizza and coffee. In fact, our solutions are now distributed in two of the top six vending markets in Europe, including Spain and now Italy, which account for approximately one million machines. We look forward to collaborating with MDS to serve this growing and demanding market."
About MDS Electronics SRL
Over the last 30 years, MDS Electronics has been a leading distributor of cash and cashless payment systems and identification to leading companies throughout Italy.
The company specializes in the sale of payment systems for the markets of the Vending, Retail, Gaming, Financial, Transportation and Office.
The whole range of products marketed is distinguished by its high quality standard. MDS provides to its customers, a pre and after sales services with the utmost professionalism and reliability.
About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.