Market Overview

Google Announces Patent Purchase Marketplace

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Google Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) announced an experimental marketplace for patents on Monday.

The “Patent Purchase Promotion” allows patent owners to sell patents to Google and will seek to “remove friction from the patent market.”

“Unfortunately, the usual patent marketplace can sometimes be challenging, especially for smaller participants who sometimes end up working with patent trolls. Then bad things happen, like lawsuits, lots of wasted effort, and generally bad karma. Rarely does this provide any meaningful benefit to the original patent owner,” according to Google’s blog post.

The experimental marketplace will operate from May 8, 2015 through May 22, 2015 will transactions and payments to be completed by the end of August.

Google hoped the process would “translate into better experiences for sellers, and remove the complications of working with entities such as patent trolls.”

Google recently traded at $559.19, down 0.77 percent.

Posted-In: News Legal Tech

 

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