- Aug. 7, 2014
-- TANGIBLE IP, LLC, an international patent brokerage and Intellectual Property advisory firm headquartered in Seattle, with offices in San Francisco and Montreal, announced the license of a patent portfolio pertaining to electronic vehicle inspections belonging to Seattle-based company Fleettrakker, LLC, to industry leader Zonar Systems, Inc. The financials of the agreement were not disclosed. This license provides further validation to the scope and relevance of the Fleettrakker vehicle inspection portfolio at a time when the Department of Transportation is making the whole industry migrate to electronic reporting for commercial vehicle safety inspections, which are mandated by law. The portfolio, which contains US and Canadian patents, was developed in early 2002 when the inventor foresaw the need to develop better ways to keep our vehicles safe on the road.
“Although this took years to unfold, it is extremely rewarding to see the industry finally catch up with inventions we made a while back and we are gratified that Zonar Systems has come forward to secure a license to our portfolio to take advantage of the improvements that we made to the conventional approach for inspecting vehicles. We trust the rest of the industry will follow on their steps or that the right acquirer for our patents will be able to make this technology available to the community at large”, said John Hart, Founder and CEO of Fleetrakker LLC. “As our brokers, Tangible IP did a very impressive job preparing our patents for a sale and marketing to the IP business community and to relevant industry players, as well as with helping us negotiate this license in place when Zonar reached out to us. We now hope that our patents will find a good home as we are focusing on other innovations”
, said Mr. Hart.
“Although we initially reached out to potential buyers with a straight sale in mind for this portfolio, it just made sense to grant a license to Zonar when they expressed interest”, said Louis Carbonneau, Founder and CEO of Tangible IP. “At the end of the day, it is all about bringing value to the client and there are many ways this can be accomplished. One just needs to remain flexible and look for win-wins, as in this case. At a time when so many companies take a wait and see attitude when it comes to respecting other people’s IP, Zonar should be commended for reaching out and asking for a license on the Fleettrakker portfolio.”
Tangible IP, LLC specializes in selling high quality unencumbered patents and has now brokered the sale of over 2000 patent assets since its inception and has returned tens of millions of dollars back to inventors, shareholders and patent owners.
ABOUT TANGIBLE IP, LLC. Founded in 2011 by former Microsoft GM of IP & Licensing Louis Carbonneau, Tangible IP offers full service patent brokerage and strategic