Ocean Tomo Auctions present market-ready IP portfolios to a network of engaged buyers present in person and via telepresence remote access. The first Ocean Tomo Live Intellectual Property Auction was held in San Francisco, California in April 2006. Since that time Ocean Tomo has hosted nine auctions in the United States and Europe with transactions on and off the floor in excess of $100 million US dollars.
Ocean Tomo’s multi-lot, live auctions are a forum of commerce facilitating the exchange of intellectual property among a wide variety of market participants. The auction format brings urgency and closure to IP transactions, creating both liquidity for IP owners and transparency for the market overall.
Ocean Tomo Auctions serves buyers and sellers across North America, Europe, and Asia ranging from mid-size to Fortune 100 operating companies. Ocean Tomo Auctions actively welcomes and will recognize third party brokers wanting to present contracted portfolios for sale. Together our efforts will make the marketplace for patent transactions more efficient. Patent owners, manufacturers and the consuming public all benefit from a more open and public record of patent transfer.
The sales process is based on traditional auction practice including a live auctioneer taking bids in person, by telephone, proxy, absentee instruction, and for the first time, by telepresence. There are however several key differences between an auction for patents as compared to an auction for traditional tangible assets. Notably, the due diligence process can be longer and more detailed. Accordingly, Ocean Tomo has created an on-line secure data room designed to support IP buyer diligence. The contents of the data room vary by lot, but generally include patent office correspondence, license agreements, litigation history and other background information provided by the seller or seller’s broker. In select cases, third party generated Evidence-of-Use (EOU) is included.
Unique to IP transactions, many prospective buyers are concerned over confidentiality so as not to be viewed as either a willful infringer or future licensing target if they are unsuccessful in their bid. Ocean Tomo addresses such concern in several ways including blind bidding, double-blind bidding and standard transaction documents which specify that sellers may not use participation in the auction as evidence in any future proceedings.
The Ocean Tomo Auction team is actively seeking patents and other intangible assets in the following technology areas:
- Internet of Things
- Autonomous Vehicle
- Data Center
Technologies related to consumer electronics including battery technology, power management and components such as microphones and sensors are also sought for the Auction.
According to oceantomo.com