Attention Patent Owners! AST’s IP3 2019 Closes on July 26, 2019
Collaborative Buying Program Is Now Open and Connects Patent Sellers to World’s Leading Technology Companies
PRINCETON, N.J., July 22, 2019 (Newswire.com)
AST, the member-driven collaborative and leading provider of proactive patent defense solutions, recently launched IP3 2019 (Industry Patent Purchase Program), a fixed price, fixed term, collaborative patent buying program. The submission window, which opened July 15 will officially close on July 26, 2019, at 11:59 p.m. EDT.
This year’s program is soliciting patents from a wider group of technology areas than previous years. IP3 2019 provides patent sellers the opportunity to put their patents in front of AST’s full Membership – which includes dozens of the world’s most successful companies across multiple industries such as Ford, Google, Honda, IBM, Lyft, Microsoft, Oracle, Philips, SAP, Sony, Spotify, Twitter, Uber and Verizon.
IP3 2019 focuses on soliciting patents from the following technology areas:
- Advertising & Content Distribution
- Artificial Intelligence (AI) & Machine Learning (ML)
- Augmented (AR) & Virtual Reality (VR)
- Automotive & Mobility
- Blockchain & Financial Services
- Cloud Computing & Web Services
- Computer Software & Hardware
- Health Tech & Healthcare IT
- Internet of Things (IoT) & Smart Home
- LED Lighting & Optoelectronics
- Location-Based Services (LBS)/ Navigation
- Medical Devices & Imaging
- Semiconductor Manufacturing & Equipment
- Wireless & Telecommunication
“IP3 2019 is off to a great start and we are excited to receive many more submissions before the window closes,” said Russell W. Binns, Jr., CEO of AST. “With our broadened technology areas of focus, we expect both the seller community and our Membership to be pleased with the quality of our program this year. One area where we anticipate seeing an increase in submissions and activity is the health tech and healthcare IT sectors as these areas continue to be of growing interest to our Membership.”
“Each year, we consider the feedback we receive from our elite group of Members as well as our extensive network of sellers on how to improve and evolve IP3, so this year we’ve extended the timeframe for Membership to review the patent submissions, which should foster even more collaboration,” Binns added. “Additionally, in response to seller feedback, the portfolios in IP3 2019 are listed on a non-exclusive basis until the final phase of IP3 2019. This means that patent sellers may continue to market their offerings during the IP3 program, which is also yielding more submissions from operating companies.”
How to Submit Patents for Sale
Patent sellers and brokers are welcome to submit their patents for sale at a price they set via the AST IP3 portal: www.ast.com/IP3 from July 15 through July 26, 2019. AST will consider submissions in the specific technology areas outlined above for this installment of IP3, and submissions outside of these areas will be invited to submit to AST’s Standard Purchase Model. Sellers need only identify the patent family and price at which they are willing to transact. Each submission should contain only related assets, and a preference will be made for single-family submissions or related families.
At the end of the submission period, AST and its Members will review all the submissions and let the submitters know whether there is interest in a purchase by Oct. 11, 2019, if not sooner. AST will also let submitters know whether there is no interest in a purchase through IP3 as soon as possible, and no later than Oct. 11, 2019. Once AST contacts sellers about purchasing their patents, there will be additional diligence which will enable transaction closure in short order. It is anticipated that all transactions and payments will be completed by the end of 2019. Between the submission and Sept. 30, submitters must let us know if their offering is sold and no longer available. After Sept. 30, submitters must sell to IP3 if their price is met and they are notified of an intent to purchase by Oct. 11.
More detailed information about IP3 2019 can be found on ast.com/IP3 including a link to the submission form, the applicable patent assignment agreement, and other important details. There are also terms and conditions that you should make sure you fully understand before participating. Participating sellers are encouraged to consult with an attorney prior to their submission. Throughout this process, AST reserves the right not to transact for any reason.
AST is a member-driven cooperative and the leading provider of proactive patent risk mitigation solutions. We offer a highly efficient, cost-effective and proven method of mitigating the risk of patent assertions and litigation avoidance by enabling our Members to collectively purchase assets available on the secondary market. Because we are an independent, not-for-profit cooperative, we provide a trusted and fully transparent way for Members to analyze patent purchase opportunities including triage, evaluation and acquisition services. AST’s Members include top global companies from a wide range of industries including Cisco, Ford, Google, Honda, IBM, Intel, Lyft, Microsoft, Oracle, Philips, SAP, Sony, Spotify, Twitter, Uber and Verizon. For more information on AST please visit http://www.ast.com.