PRINCETON, N.J., July 17, 2018 /PRNewswire/ -- Attention patent owners - IP3 2018's submission window closes on July 20, 2018! AST, the leading provider of proactive patent risk mitigation solutions, recently launched IP3 2018 (Industry Patent Purchase Program), a fixed price, fixed term, collaborative patent buying program. The submission window, which opened July 9 will officially close on July 20, 2018, at 11:59 P.M. EDT.
This year's program provides patent owners access to an expanded pool of buyers that includes AST's full Membership as well as additional participating technology companies. AST's current Members span multiple industries, such as information technology, software, semiconductors, communications, automotive, health tech, and social media and include prominent companies such as Ford, Google, Honda, IBM, Microsoft, Oracle, Philips, SAP, Sony, Spotify, and Uber. Halfway through the submission process, AST is already seeing a great deal of interest in IP3 2018 from patent sellers.
IP3 2018 focuses on the following technology areas:
- Artificial Intelligence / Machine Learning
- Augmented Reality / Virtual Reality
- Automotive / Transportation Services
- Internet of Things / Connected Devices
- Smart Home
- Software / Web Services
"Halfway through our open submission window, we are very pleased with the patent submissions we have received so far for IP3 2018," said Russell W. Binns, Jr., CEO of AST. "IP3 continues to offer patent owners an efficient and hassle-free way to sell their patents quickly. With our buyer pool for this year's program and the significant technology categories IP3 2018 is focusing on, we are excited to see the remainder of the submissions that come through. Like last year, we anticipate a successful and robust acquisition process for our Members and patent sellers."
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 9 through July 20, 2018. AST will consider submissions in the specific technology areas outlined above for this installment of IP3, and submissions outside of these areas will be routed 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 preference will be made for single-family submissions or related families.
At the end of the submission period, AST, its Members, and additional participating operating companies will review all the submissions and let the submitters know whether there is interest in a purchase by October 2, 2018, 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 2, 2018. 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 2018.
More detailed information about IP3 2018 can be found on ast.com/IP3 including a link to the submission form, the applicable patent purchase 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 the leading provider of proactive patent 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 Ford, Google, Honda, IBM, Microsoft, Oracle, Philips, SAP, Sony, Spotify, Uber, and Verizon. For more information on AST, please visit http://www.ast.com.