Settlement Includes a Patent License Agreement Providing Revenue for Inventergy
CAMPBELL, CA -- (Marketwired) -- 06/07/16 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy" or the "Company"), an intellectual property company, today announced that it has entered into a settlement agreement with Sonus Networks, Inc. ("Sonus"), resolving the patent infringement litigation between the parties in the Northern District of California involving six U.S. patents from Inventergy's IMS and VoIP technology portfolio. On mutually agreeable terms, Sonus agreed to make a one-time payment to Inventergy in exchange for a license to all Inventergy IMS and VoIP patents. The parties agreed to dismiss with prejudice each of their lawsuits and counterclaims against the other.
Inventergy's CEO Joe Beyers said, "We are pleased to have successfully concluded this settlement and patent license agreement with Sonus. This settlement further reinforces the strength of our IMS and VoIP portfolios which continue to generate significant value for the Company. The royalty rate for the patent license agreement is consistent with the rate we have established in other license agreements for these patent assets."
Mr. Beyers continued, "In addition to our patent licensing efforts, we continue to negotiate larger transactions involving the sales of portions of our patent assets. We remain focused on enhancing stockholder value through a range of monetization efforts."
The patent license agreement provides Sonus with a license to two of Inventergy's portfolios purchased from Nokia and Huawei. These portfolios include 56 patent families comprised of over 250 patents and patent applications, including standards-essential patents pertaining to IMS and VoIP technology.
About Inventergy Global, Inc.
Inventergy Global, Inc. is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.
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Source: Inventergy Global, Inc.