Acacia Finalizes Acquisition of Patent Portfolio
The Northbrook, Illinois-based company owns 11 patent licensing companies, including the more popularly known TechSearch LLC, a patent enforcement company.
The $5 million cash deal puts Acacia in control of a wide range of patent technologies held under Global Patent Holdings' corporate wingspan, in addition to Acacia's initial portfolio of Digital Media Transmission patents, which claim the operating rights to streaming audio and video over the Internet and certain types of satellite and cable transmissions.
The newly acquired patent portfolios, which total 120 U.S. patents, pertain to broadcast equipment, credit card receipt processing, data file synchronization, peer-to-peer network communications, spreadsheet programs and interactive simulation systems and 10 other business sectors.
Acacia also issued 3.9 million shares of Acacia Research stock in the deal and will pay Global Patent Holdings an additional $2 million over the next two years, the company said in a statement.
Acacia Chairman and CEO Paul Ryan said in an earlier statement that the acquisition of Global Patent Holdings' portfolios significantly increase Acacia's revenue potential and accelerate the company's business strategy of buying up additional portfolios.
In other Acacia news, Robert Berman, formerly executive vice president and legal counsel for Acacia, has been named chief operating officer.
Berman has helmed Acacia's patent licensing and acquisition efforts for the past four years.
Dooyong Lee, formerly chief operating officer of Global Patent Holdings, will now serve as executive vice president, business development for Acacia. Lee has been in the business of patent licensing and technology management for the past 20 years, the company said.