(MENAFN- KNN India) Google, the web search engine giant owned by Google Inc. announced the launch of an experimental marketplace to buy patents from businesses and other patent holders who wish to sell.
The new Patent Purchase Promotion that starts from May 8, 2015 to May 22, 2015, will allow patent holders to shop their patents to Google, who has committed to buy as many patents as possible, for a possible sale. The submissions will then be reviewed before Google announces whether or not it will buy their patents on June 26, 2015.
Patent holders will be able to list their patents they wish to sell and also set their own prices. In case, Google decides to buy a patent, it will work with the company through due diligence before it closes the transaction. Notified parties will need to submit further information.
Moreover as a part of its agreement with Google, sellers will be able to retain a license back to their patent.
For the experiment this time, it is only buying U.S. patents but says it will see what level of interest it gets and may buy foreign patents in the future.
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