Google, Facebook, Ford Team For New Patent-Buying Effort

Law360, Los Angeles (May 18, 2016, 9:21 PM EDT) -- Google Inc., Facebook Inc., Ford Motor Co. and other companies have teamed up to create a new marketplace where patent owners can sell their patents directly to the firms, a nonprofit industry group running the program said Wednesday.

Allied Security Trust, an association of companies that buys patents on behalf of its members, said in Wednesday’s statement that the newly unveiled Industry Patent Purchase Program would let sellers set their own prices and reduce the time and complexity typically associated with such transactions.

IP3 comes after Google launched a similar program, the Patent Purchase Promotion, last year. The new program will...

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