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Marathon Oil Co. part of the USX-Marathon Group, yesterday invested $600,000 and contributed intellectual property in exchange for minority equity interest in Houston-based In-Depth Systems Inc., which specializes in creating retail programs using Radio Frequency Identification (RFID) tags.
"We are very excited about the potential of In-Depth's RFID technology for process improvement, increased productivity and cost savings," said Tim Tipton, Marathon's vice president of technology. "The new technology collects digital information closer to the source ? provides better data more quickly, and improves decision making. Collaborating with In-Depth is an example of Marathon's new technology strategy -- working with technically savvy individuals inside and outside Marathon to create value."
In-Depth's True Depth system utilizes passive RFID tags throughout convenience stores to streamline purchasing and speed up the inventory process. The technology could result in significant cost savings, the companies said.
"Marathon's investment in In-Depth is obviously a major step forward to growing our company as well as helping gain industry support for our technology." said In-Depth President Joe Zierolf. "The industry continues to look toward technology to solve problems and reduce costs."