MarineTraffic Safeguards Intellectual Assets

AIS vessel tracking service MarineTraffic has joined the Licence on Transfer (LOT) Network in a move it said will help to safeguard its intellectual assets.

 

The LOT Network, formed to promote innovation by reducing the risk of litigation from Patent Assertion Entities (PAEs), also known as Patent Troll, has 47 members across many industries and contains more than 327,000 worldwide patent assets.

 

“We joined the LOT Network recognizing its growing ability to protect against patent trolling and enable companies to get on with the business of innovation,” said Demitris Memos, Managing Director at MarineTraffic. “We want to spend our time creating useful products for the shipping markets we serve, rather than wasting it engaged in meaningless legal disputes over patents.”

 

Memos continued, “We are anticipating a busy year with several major product launches – joining the LOT Network is part of a wider strategy designed to hedge against potential problems and ensure we can stay focused on delivering excellent service to the 6 million monthly users of our website and numerous commercial customers.”

 

Ken Seddon, CEO of LOT Network, added, “Patent trolls drain over $80 billion dollars per year from the US economy alone. MarineTraffic has made the commitment to be part of the permanent solution.”

 

MarineTraffic said it has not been contacted by any PAEs to date.