Avistar Sells Patents to Intellectual Ventures Management

A San Mateo, CA (News - Alert)-based provider of unified visual communications solutions has reportedly entered into an agreement with Intellectual Ventures Management to sell a majority of its patents.

According to officials with Avistar Communications Corp., this move is a part of the company’s strategy to monetize its patent portfolio and continue investment into its product business.

Intellectual Ventures (News - Alert) Management has a proven track record in the business of invention and proceeds will include an upfront payment of $11 million which Avistar (News - Alert) plans to invest in its product strategy.

In addition, Avistar gets a full grant back license under the portfolio ensuring that its products are protected under these patents.

Bob Kirk, CEO of Avistar said, “The transaction with Intellectual Ventures is an important milestone for Avistar. This transaction allows us to find the right vehicle for these patents to be represented in the market. It allows Avistar to focus on what we do best, that is deliver industry leading and award-winning products to our partners, clients and the visual communications industry.”

“This also removes what has been a significant distraction for the team and our operation in general, while providing us the capital to more aggressively invest in our business,” Kirk said.

Avistar boasts more than 18,000 desktop videoconferencing and collaboration installations in more than 40 countries. Its clientele includes companies such as IBM (News - Alert), LifeSize, Logitech, Polycom and Sony.