AST Announces IP3 2022, a Collaborative Fixed-Price, Fixed-Term Patent Purchase Program
PRESS RELEASE MAY 25, 2022 15:00 EDT
PRINCETON, N.J., May 25, 2022 (Newswire.com) – AST is announcing the upcoming launch of IP3 2022 (Industry Patent Purchase Program), which connects patent sellers with AST’s Member companies who span across multiple industries. These include companies such as Avaya, Cisco, Dolby, Google, Honda, IBM, Intel, Meta, Microsoft, Oracle, Philips, Salesforce, ServiceNow, 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 seventh 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 that results in a streamlined process with no cost for sellers.
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 they would like to see:
- Automotive & Mobility
- Semiconductor Equipment & Manufacturing
- Computer Software & Hardware
- Cloud Computing & Web Services
- Advertising & Content Distribution
- Artificial Intelligence (AI) & Machine Learning (ML)
- Augmented (AR) & Virtual Reality (VR)
- Internet of Things (IoT) & Smart Home
- Wireless & Telecommunication
- Blockchain & Financial Services
- Retail & Ecommerce
- Health Tech & Healthcare IT
- Medical Devices & Imaging
- Location-Based Services (LBS) & Navigation
- Industrial & Manufacturing
- LED Lighting & Optoelectronics
Last year’s IP3 program received submissions from 261 sellers, and AST acquired 34 patent portfolios for $3.86 million. 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 collaborative environment among companies. They are seeing increased interest for patents related to Automotive, Semiconductor, Cloud, AI/ML and AR/VR technologies, along with general high-tech areas listed above. Also continuing in 2022, the portfolios are listed on a non-exclusive basis until the final phase of IP3 2022. 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 weeks of the program, they must sell to IP3 if their price is met.
“This is our seventh IP3 program, and each year brings new sellers and patents of interest to our 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. “Our Members are always looking for a variety of quality submissions, and last year more than half of the submissions were first-time submissions, which drove broader Member participation. 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. We strive to provide 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 June 20 through July 1, 2022. AST will consider submissions in the technology areas outlined above for this installment of IP3. Sellers need only identify the patent family and fixed 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.
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 2022 by transferring their submission. For additional information on how to transfer the submissions, contact firstname.lastname@example.org.
At the end of the submission period, AST and the Members will review all the submissions and let the submitters know whether there is interest in a purchase or not by Sept. 23, 2022. Once AST contacts sellers about purchasing their patents, there will be additional diligence that will enable transaction closure in short order. It is anticipated that all transactions and payments will be completed by the end of 2022. From the time patents are submitted to Sept. 6, submitters must let us know if their offering is sold and no longer available or encumbered. From Sept. 7, submitters must sell to IP3 if their price is met and they are notified of an intent to purchase by Sept. 23, 2022.
All pertinent IP3 documents, such as the applicable patent assignment agreement and terms and conditions, can be downloaded from the website. 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. To obtain more detailed information about IP3 2022, please visit ast.com/IP3 or send an email to email@example.com.
AST was founded in 2007 by four global high-tech companies as a member-driven cooperative to mitigate patent risk and to operate with no profit motive. AST serves the world’s most innovative and recognized technology companies through the cost-sharing acquisition of patent rights; provides access to the most comprehensive database of patents offered in the secondary market; offers Quarterly Market Insights reporting; and facilitates a community for IP thought leaders to interact and form business relationships.
AST’s Members include over 40 top global companies from a wide range of industries including Avaya, Cisco, Dolby, Google, Honda, IBM, Intel, Meta, Microsoft, Oracle, Philips, Salesforce, ServiceNow, Snap, Sony, Spotify, Twitter, Uber and Verizon. For more information, visit www.ast.com.