AST Announces IP3 2021, a Collaborative Fixed Price, Fixed Term Patent Buying Program
PRINCETON, N.J., May 25, 2021 /PRNewswire/ -- AST, the member-driven cooperative and leading provider of proactive patent defense solutions, has announced the upcoming launch of IP3 2021 (Industry Patent Purchase Program). IP3 connects patent sellers with AST's Member companies who span across multiple industries. These include companies such as ASSA ABLOY, Avaya, Cisco, Dolby, Facebook, Google, Honda, IBM, Intel, Microsoft, Oracle, Philips, Salesforce, ServiceNow, Slack, Snap, Sony, Spotify, Twitter, Uber and Verizon, among others. This exposure to some of the world's largest leaders in technology provides sellers the opportunity to market their patents in the secondary market to a much broader audience than what they could find on their own. This is the sixth year that AST has offered this program with the goal of simplifying sellers' access to the secondary market by eliminating some of the common hassles that may accompany this process. IP3 has been carefully designed as a collaborative patent buying platform where the seller determines a fixed price and there is an established fixed term which results in a streamlined process.
This year's program will solicit patents for sale at a fixed price from an extensive group of technology areas. These 16 categories that can be found below have been arranged by priority of what we would like to see:
Last year's IP3 program received a record number of submissions from 365 sellers and closed 29 deals amid budget constraints and other challenges caused by Covid-19. IP3 2020 attracted strong interest from both patent sellers and Member companies which included Cisco, Facebook, Google, Intel, Microsoft, Oracle, Snap, Twitter, Uber, and Verizon, among others, spending $2.85 million to acquire 31 patent families. AST launched IP3 in 2016 based on Google's 2015 patent purchase program because AST was well-suited to offer an industry wide program that would foster a ollaborative environment among companies. The technology categories will remain the same as last year.
Also continuing in 2021, the portfolios are listed on a non-exclusive basis until the final phase of IP3 2021. This means that patent sellers may continue to market their offerings during the IP3 program. But if a seller's offering is still available during the last 8 days of the program, they must sell to IP3 if their price is met.
"This is our sixth IP3 program and it has been exciting to see the growth each year with new sellers, increased submissions, and more interest among AST Members. These fixed priced, fixed term programs offer a lot of advantages for both sellers and buyers and we look forward to another successful program," said Russell W. Binns, Jr., CEO of AST. "Last year our Members were pleased with the variety of submissions that we had received due to having more than half of the submissions being first-time submissions which drove Member participation in a difficult year. We are looking to continue that trend this year and hope to see many new and high-quality patents during our June submission window."
Binns added: "We often hear from our Members that having the opportunity to participate in programs like IP3 provides a unique opportunity to take advantage of group thinking and the wisdom of the crowd when it comes to purchasing patents, and makes for an efficient, productive buying experience. Because of this, we continue to evolve the IP3 program according to Member and seller feedback. We want to be certain that we are providing an easy, fast and efficient process that benefits both our Members' businesses and the patent seller community."
How to Submit Patents for Sale
AST's preference is to review new patent portfolios, although sellers who already submitted their patents to AST's Standard program, where the price is negotiable, can also participate in IP3 2021 by transferring their submission. For additional information on how to transfer the submissions, contact us at firstname.lastname@example.org.
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 September 27, 2021, 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 September 27, 2021. 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 2021. From the time patents are submitted to September 19, submitters must let us know if their offering is sold and no longer available or encumbered. After September 20, submitters must sell to IP3 if their price is met and they are notified of an intent to purchase by September 27, 2021.
To obtain more detailed information about IP3 2021, please visit ast.com/IP3. All pertinent IP3 documents, such as the applicable patent assignment agreement and terms and conditions can be downloaded here. Participating sellers are encouraged to consult with an attorney prior to their submission to fully understand the terms and conditions of this program. Throughout this process, AST reserves the right not to transact for any reason.
AST's Members include over 40 top global companies from a wide range of industries including ASSA ABLOY, Avaya, Cisco, Dolby, Facebook, Google, Honda, IBM, Intel, Microsoft, Oracle, Philips, Salesforce, ServiceNow, Slack, SNAP, Sony, Spotify, Twitter, Uber and Verizon. For more information on AST, please visit http://www.ast.com.
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SOURCE AST - Allied Security Trust