It seems as though their tech is a M2M based solution which is very different from the IoT:
http://www.automationworld.com/cloud-computing/know-difference-between-iot-and-m2m
"For example, traditional M2M solutions typically rely on point-to-point communications using embedded hardware modules and either cellular or wired networks. In contrast, IoT solutions rely on IP-based networks to interface device data to a cloud or middleware platform."
Xped Media Thread - Social Media, Online, Print and otherwise, page-502
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