Allied Security Trust, the patent aggregator run by CEO Russell Binns, said it extended its Industry Patent Purchase Program (IP3) through Friday, June 10 in response to larger than expected patent owner interest.

AST introduced IP3 last month with the participation of some of the world’s largest companies including Google, Facebook, IBM, Microsoft, Adobe, SAP, Ford, Honda, Hyundai, Kia Motors, Verizon, Cisco, Arris and many other multinational companies.

The program’s portal for submitting patents opened on May 25 and was expected to close on Wednesday, June 8. AST said the program produced swift and sustained interest from patent owners.

IP3 brings together a significant pool of capital from participating companies to purchase patents in an innovative format that allows sellers to set their own price for their patent assets and reduces the time and complexity usually associated with patent transactions. IP3 seeks to simplify sellers’ access to the secondary market by eliminating the common hassles associated with it, such as hiring experts to prepare evidence of use of the invention or hiring lawyers to instigate litigation.

“We’re excited by the level of interest we’ve seen so far from patent sellers, and by extending the deadline through June 10 we can help afford patent sellers a little more time to submit their patents to the IP3 portal,” Binns said in a statement.

IP3 is meant to build on the success of Google’s innovative 2015 Patent Purchase Promotion (PPP), and seeks to attract the submission of high quality patents from patent owners across a wide array of industries during a limited time period.

Some of these industries include: computers software, consumer electronics, semiconductors and components, , healthcare and medical, automotive, lighting and financial services.

AST said any assets not purchased during the IP3 program will be considered by AST’s 30 leading high-tech members for potential purchase in the normal course of AST’s asset purchase review process. 

—To reach the reporter responsible for this story, please contact Dan Lonkevich at 707 318-7899 or at dan@thepatentinvestor.com