Round Rock Research LLC Covenant Not to Sue Sells for $38.5 Million at ICAP Ocean Tomo Spring 2011 Live IP Auction in New York City
NEW YORK, April 1, 2011 /PRNewswire/ -- ICAP Ocean Tomo, the intellectual property brokerage division of ICAP plc and the world's premier patent auction firm, announces the sale of a Round Rock Research LLC Covenant Not to Sue at the Spring 2011 Live IP Auction held on Thursday, March 31, 2011 in New York City. The covenant sold for $38.5 million including buyer's premium and is the first of its kind ever to be sold at auction.
Forever changing the way companies manage the risk of the unpredictable IP enforcement market, the sale of Round Rock Research's Covenant Not to Sue marks a new day for licensing and litigation in the IP world.
The covenant grants the acquirer freedom to operate under one or more patents – in this case, Round Rock's portfolio of approximately 4,200 patents and pending applications, which spans several industries such as semiconductors, display technologies, flash, memory, and microprocessors.
"The sale of this covenant not to sue is a game changer in the IP space," said Dean Becker, CEO of ICAP Ocean Tomo. "Securing a covenant is as beneficial to a company's freedom to operate as acquiring the patents themselves, so we believe that covenants are on their way to becoming a key component of strong IP portfolios globally."
The next ICAP Ocean Tomo Live IP Auction will be held November 17, 2011 in San Francisco.
For more information, contact Dean Becker at Dean.Becker@us.icap.com.
About ICAP Ocean Tomo LLC
ICAP Ocean Tomo is the intellectual property brokerage division of ICAP and the world's premier patent auction firm.
ICAP is the world's premier interdealer broker and provider of post trade services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com.
SOURCE ICAP Ocean Tomo