We are a fintech pioneer and a leading developer of cutting-edge secure cashless payment solutions providing global enterprises with innovative technology for almost three decades. We operate in two main segments: (1) Retail and Mass Transit Ticketing; and (2) Petroleum. In addition to our two reportable segments, certain products for the medical industry and other secure smart card solutions were classified under “Other” in segment analysis in previous reports. However, on December 3, 2018, we together with our wholly owned subsidiary, OTI Petrosmart (PTY) Limited, entered into an agreement with Smart Applications International Ltd., or SMART, to sell all of the assets related to our MediSmart division (for certain products for the medical industry) to SMART for $2.75 million in cash, or the MediSmart Transaction. The MediSmart Transaction closed on December 31, 2018 and therefore in this Annual Report we provide information only with respect to our two current segments, Retail and Mass Transit Ticketing; and Petroleum.
Our vision is to strengthen our global presence with innovative solutions and provide our customers with the best possible support in superior service and reliable advanced products.
Our IP portfolio includes registered patents and patent applications worldwide. Since our incorporation in 1990, we have built an international reputation for reliability and innovation, deploying many solutions for unattended retail, mass transit, banking, medical smart card, Internet of Payment Things, or IoPT, and the petroleum management industries. As described above, upon the closing of the MediSmart Transaction, we sold our intellectual property related to our medical smart card business.