PRINCETON, N.J., June 4, 2019 /PRNewswire/ -- AST, the member-driven collaborative and leading provider of proactive patent defense solutions, today announced the upcoming launch of IP3 2019 (Industry Patent Purchase Program), a fixed price, fixed term, collaborative patent buying program. This year's program will solicit patents from a wider group of technology areas than in previous years. IP3 2019 will provide 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, Microsoft, Oracle, Philips, SAP, Sony, Spotify, Uber and Verizon.
IP3 2019 will focus 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
Last year's IP3 program was AST's most successful iteration of its fixed price, fixed term patent purchase program to-date, with more participants, more capital committed from its Membership, and more patent families acquired. AST launched IP3 in 2016, a first of its kind industry program, to give sellers an easy way to access the secondary market through a streamlined process using a fixed price, rapid response model. Based on the previous IP3 programs and feedback from its Membership, this year's IP3 program has been updated with a few modifications including extending the timeframe for Membership to review the patent submissions, which in turn facilitates more time for collaboration among Members and opening up the program to a broader range of patent submissions through additional technologies areas.
Also new for 2019, the portfolios 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. But if a seller's offering is still available during the last 11 days of the program, they must sell to IP3 if their price is met.
"We are very pleased to launch our fourth IP3 program, especially coming off last year's success which demonstrated there's an increased desire from both patent sellers and buyers to participate in these collaborative, fixed priced, fixed term patent purchase programs," said Russell W. Binns, Jr., CEO of AST. "Our Members were pleased with the variety of submissions we received last year, where half of our Membership participated in the program. We are looking to build on this success and have broadened our technology areas of focus for submissions to help find more patents of interest across our Membership and based on the business objectives of our Members. IP3 presents both our Members and the patent seller community with exciting opportunities and we are looking forward to seeing this year's submissions in July."
Binns added: "We often hear from our Members, which are some of the largest technology companies in the world, that having the opportunity to participate in programs like IP3 provides a unique opportunity to take advantage of group thinking and a 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
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 October 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 October 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 September 30, submitters must let us know if their offering is sold and no longer available. After September 30, submitters must sell to IP3 if their price is met and they are notified of an intent to purchase by October 11.
More detailed information about IP3 2019 can be found on ast.com/IP3 including a link to the submission form (which will go live on July 15, 2019), 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, Microsoft, Oracle, Philips, SAP, Sony, Spotify, Uber and Verizon. For more information on AST please visit http://www.ast.com.