LUBBOCK, Texas--(BUSINESS WIRE)--Quext, a leading technology company for the multifamily industry, today announced it resolved its ongoing dispute with iApartments Inc., by executing a memorandum of understanding on April 10, 2023, which has since been finalized by executing a Settlement and Licensing Agreement on April 21, 2023. The dispute surrounded Quext’s patented Internet-of-Things (IoT) technology, specifically tied to intellectual property around the company’s leading-edge Smart Thermostat Hub, and use of LPWAN communications in its network architecture.
While the terms of the agreement will remain confidential; as the document name suggests, iApartments will be licensed to use Quext IoT’s smart hub technology. Additionally, this agreement will be noted by the inclusion of Quext IoT intellectual property marks on iApartments’ product and/or website. Quext’s management team is pleased with the outcome and believes this is a favorable outcome.
"Although we will forever remain committed to protecting our intellectual property, it is evident that our companies are the only ones who truly identified the limitations of most smart hub products that rely exclusively on WiFi to connect with property management systems," said Dave Marcinkowski, Partner, Quext. "This settlement is further recognition that LPWAN communications, such as LoRaWAN, are ideal for multifamily use and significantly reduce complexity and costs. Quext IoT challenges the status quo in the market by demonstrating that WiFi solutions for smart devices are not necessary. We believe that there is a superior alternative, and we are excited to see this validation of our IP by others in the industry."
Quext IoT’s patented solution has proven an innovative approach to smart apartment technology in a number of ways. Invented and developed by multifamily owners and operators, its design requires significantly less hardware and capital investment to implement and maintain. As operators themselves, Quext designed its solution with a focus on operational efficiencies, addressing real pain points like reducing onsite hardware, improving lock battery life, and remote lock credentialing to minimize maintenance calls and disruption. And, due to its unique network design, Quext IoT is an ideal solution for existing property retrofits of all classes, new construction, and Build-to-Rent.
Quext is a smart technology and services company pioneering exciting innovations that make smarter decisions brilliantly simple. Created by industry experts, Quext reimagined apartment technology with products that work seamlessly together delivering the easiest-to-learn, most intuitive, all-in-one, cloud-based apartment community nerve center ever offered. Core platform innovations include internet of things, digital human customer support, broadband internet, and fintech solutions. Quext is a people-centric firm founded by Madera Residential, an industry leader in multifamily housing investment and property management. Headquartered in Lubbock, TX, the company was recognized as a winner of the Fierce Wireless IoT Challenge 2020. To learn more, visit onequext.com/ or follow us on LinkedIn at linkedin.com/company/onequext.