Reportedly, Instacart, the leading online grocery platform in North America, has acquired over 250 patents from International Business Machines Corporation (IBM). Both IBM and Instacart have entered into a mutual patent cross-license. The deal allows Instacart to strengthen its own patent portfolio, and the license allows Instacart freedom of action to use IBM patents for the future growth of its business. The financial terms of the agreement were not disclosed.
“IBM has had a long-standing commitment to innovation and the sharing of our patented inventions within the industry, especially high-growth technology companies like Instacart that are establishing innovative solutions for critically needed food delivery during these challenging times. We look forward to a long term innovation partnership with Instacart,” stated William LaFontaine, General Manager of Intellectual Property for IBM.
“We’re pleased to have an innovation partnership with IBM. This acquisition of patents from IBM and licensing agreement provides us with stronger intellectual property protection and gives us even more freedom to innovate for all the customers, shoppers and retailers who rely on our platform,” stated Edison Lin, Intellectual Property Counsel at Instacart.
Dow 30 component International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. To learn more about International Business Machines Corp (IBM) and to track its ongoing progress please visit the Vista Partners IBM Coverage Page.
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