Google and IBM set up portal for buying patents

Brands including Google, Facebook, IBM and Microsoft have set up a portal where they would seek to buy unused patents.

On Wednesday, May 18, the companies announced that patent owners could offer patents through a portal called the Industry Patent Purchase Program (IP3).

The portal, which is being run by industry group Allied Security Trust, will be open from May 25 to June 8.

If one of the participating companies is interested in buying a patent, the owner of the submitted patent will receive an offer by the end of July.

Other companies involved in the scheme include Apple, Adobe, Ford and Hyundai.

According to the IP3 website its participants are involved in industries including enterprise software, cable and networking communications equipment, as well as IT and location-based services.

In 2015, Google launched a venture called the Patent Purchase Programme whereby it offered to buy patents from patent owners.