Ocean Tomo’s Bid-Ask™ Market is an effective solution for buyers and sellers of patent portfolios where a simplified process is important.
OTBA is a highly efficient platform able to quickly clear patent transitions through a unique blend of technology and professional services. OTBA is currently available in both English and Mandarin (with other language offerings forthcoming). Traditional auction markets are seller driven – buyers are limited to what is offered for sale. The Ocean Tomo Bid-Ask Market equally services buyers and sellers. Buyers can now efficiently post anonymous bids resulting in prompt notification of the patent owner by Ocean Tomo Transactions.
Further advancing industry transparency, all offers to buy (“Bids”), offers to sell (“Asks”), and final transaction prices are posted. Beginning in 2018, Ocean Tomo Transactions will list the sale price for all publicly known patent transactions, making the Ocean Tomo Bid-Ask Market the only true global patent price discovery platform. Data submissions for verified patent sales are now being accepted.
Additional benefits of the Ocean Tomo Bid-Ask Market include:
All Bids and Asks are placed online or through an Ocean Tomo Transactions voice broker utilizing standard processes and transaction documents.
Patent owners who wish to sell independent patents, a patent family, or a portfolio first complete an Ocean Tomo Seller Agreement which contains specific terms for the sale such as the inclusion of future related assets or retention of a license back. Assets accepted are then given a transaction serial number and assigned a virtual data room in which the seller may disclose further details. The targeted purchase price (the Ask) is then posted with an identifying color indicating whether it is a single patent sale, patent family sale, or portfolio sale.
Buyers must complete an Ocean Tomo Bidder Agreement which includes credit verification. This verification must meet predetermined standards set by Ocean Tomo in order to bid. Once the buyer is approved, Ocean Tomo assigns a virtual paddle number. The buyer provides Ocean Tomo Transactions their opening bid which is posted online. A maximum bid may also be shared in confidence with Ocean Tomo Transactions, facilitating a more rapid auction process. The applicable patent owner is promptly notified of the interest in their property without disclosing the identity of the bidder. Under the Bidder Agreement, Buyers acknowledge that Ocean Tomo Transactions may place bids against the reserve price.
The Ocean Tomo Bid-Ask Market meets sellers’ demands for low transaction costs, serious buyers, and IP brokering assistance to close sales on acceptable terms. Sellers are assigned a unique transaction serial number for which bidders are given a corresponding virtual paddle number, eliminating confusion as to which assets are being pursued. Bidders may only enter bids after completing a Bidder Agreement, which includes a strict credit review by Ocean Tomo. All Bids placed are contractually binding; the Ocean Tomo Bid-Ask Market team handles the remainder of the transaction.
The Ocean Tomo Bid-Ask Market addresses the primary concerns for all buyers: patent pricing, buyer anonymity, confidentiality, and transaction efficiency. The Ocean Tomo Bid-Ask Market team provides aggregate pricing data for patent transactions, thus increasing the transparency of pricing for all interested parties. All potential buyers can browse the activity levels and Bid-Ask spreads for individual patents, patents within a family, foreign patents and applications, and similar patents. Like the real estate market, OTBA enables potential buyers to assess a patent’s value based upon all Bids and Asks posted for comparable assets. OTBA provides effortless price discovery through a systematic review of comparable transactions.
Participants to completed transactions are charged a commission split between the buyer (10%) and seller (15%). There are no fees to post Bids or Asks.
With a wide variety of patents available and a global community of buyers, the Ocean Tomo Bid-Ask Market is an optimal transaction platform for both buyers and sellers. Enhanced price transparency, combined with clear but flexible agreements and an efficient platform ensure low transaction cost and an effortless process for all parties. The Ocean Tomo Bid-Ask Market represents the next generation in IP market development from a proven pioneer.
For further information on the Ocean Tomo Bid-Ask Market, please contact Bid-Ask@OceanTomo.com