Tangible IP Announces Sale of Mobile Banking & Image Submission Patent Portfolio

SEATTLE - Nov. 30, 2018 - PRLog -- TANGIBLE IP, LLC, an international patent brokerage and Intellectual Property advisory firm headquartered in Seattle, with over 3000 patents successfully brokered, announced the sale of a patent portfolio pertaining to Mobile Banking and Media Submission, Processing and Distribution, belonging to Dallas Texas-based company Summit 6, LLC. This latest transaction comes after Tangible IP had already brokered two separate voluntary licenses with third parties. The acquirer of the portfolio is Lupercal LLC, and well-known licensing outfit IP Valuation Partners LLC will be the licensing advisor to Lupercal going forward. Financial details of the agreement were not disclosed.

Since its initial launch, the inventions embodied in the Summit 6 LLC IP portfolio have generated over $100 million in revenue from commercial relationships, license agreements, and jury awards for patent infringement. "Our desire is to see the IP utilized to facilitate as many image-driven online transactions as possible. This announcement further validates the value of the IP to the market and will allow us to have a more comprehensive licensing program for the banking sector. The team at Tangible represent the best-of-the-best of IP brokers and their market expertise has been extremely valuable to us in pursuing our desire to get the IP into the hands of those that can be leverage it in today's market," said Sarah Pate, CEO of Summit 6 LLC.

"After having successfully licensed this portfolio not once, but twice while doing our sale outreach, it became clear that these patents apply to a broad segment of the industry and that others would be better positioned to embark on a more comprehensive licensing program", said Louis Carbonneau, Founder and CEO of Tangible IP. "This sale will allow the new owner to invest the proper resources in order to complete the monetization results that we were able to achieve through our initial efforts. We have therefore come full circle as our objective for the client was always to sell the portfolio to a buyer who could fully recoup its value.  So this is a win-win for all involved."

Tangible IP, LLC specializes in selling high quality unencumbered patents and has now brokered the sale of over 3000 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 IP advisory services. For more info, visit www.tangibleip.biz or contact us via email at info@tangibleip.biz or by phone at +1 (425) 868-9280.