Anoto Jumps After Signing Panasonic Pen Deal: Stockholm MoverAdam Ewing
Anoto Group AB, a maker of pens that transmit handwritten text into digital format, jumped the most in over a month after Panasonic Corp. agreed to use the technology in its mobile devices.
The shares climbed as much as 13 percent and were up 4.6 percent at 1.83 kronor at 10:23 a.m. in Stockholm, in trading almost 50 percent greater than the three-month daily average, valuing the company at 251 million kronor ($38 million). The stock fell 38 percent last year after Lund, Sweden-based Anoto made its fourth straight annual loss.
Anoto said the Japanese electronics maker would integrate its digital writing technology into the company’s tablets and mobile devices. The product can turn most products into a “live digital surface” in which the dot pattern is read by a digital pen and converted into computer usable data.
“Panasonic will explore new frontiers in human-to-machine interfaces with Anoto technology,” Chief Executive Officer Stein Revelsby said in a statement today.
Revelsby said Anoto’s digital writing solutions are used in a broad range of consumer and business applications. The work with Panasonic will extend this across a new generation of tablet devices, the CEO said.
Anoto reported a third-quarter profit of 9.48 million kronor on sales of 47 million kronor, it said in a Nov. 2 statement, adding it expected higher growth in the coming quarters.