Technology, Top News

Google Launches A Marketplace To Buy Patents From Interested Sellers.

Google Inc. said it would launch an experimental portal that allows interested patent holders to sell their patents to the company, i.e., it’s launching an experimental service that will act as marketplace for those interested in selling the company patents.

On its new online portal, patent holders will be able to essentially list the patents they have for sale, and set their own prices. The marketplace will not remain open indefinitely, however – instead, Google says that it will go live on May 8, 2015, and will be available through May 22, 2015. The decision to keep it open only for a limited time means Google will have to work quickly to determine which patents it wants to buy, which benefits sellers in need of a more immediate decision.

Google noted that the usual process of buying and selling patents can “be challenging, especially for smaller participants who sometimes end up working with patent trolls.” If Google decides to buy a patent, it says it will work through due diligence with the company, and close the transaction “in short order.” In fact, the company says it anticipates that all patent sellers will be paid by late August by way of ACH bank transfer.

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