Instacart Acquires Over 250 New Patents From IBM
ARMONK, NY & SAN FRANCISCO, CA - Instacart is stepping up its game in the sector as it recently announced it closed an acquisition. The online grocery platform has acquired over 250 patents from technology company IBM.
“We’re pleased to have an innovation partnership with IBM. This acquisition of patents from IBM and licensing agreement provides us with stronger intellectual property protection and gives us even more freedom to innovate for all the customers, shoppers, and retailers who rely on our platform,” said Edison Lin, Intellectual Property Counsel at Instacart.
According to the press release, IBM and Instacart entered into a mutual patent cross license in addition to the acquisition of patents.
The agreement allows Instacart to continue to strengthen its own patent portfolio, and the license gives Instacart freedom of action to use IBM patents in the future growth of its business.
“IBM has had a long-standing commitment to innovation and the sharing of our patented inventions within the industry, especially high-growth technology companies like Instacart that are establishing innovative solutions for critically needed food delivery during these challenging times. We look forward to a long-term innovation partnership with Instacart," said William LaFontaine, General Manager of Intellectual Property for IBM.
Financial terms were not disclosed at the time of the announcement. However, with a powerful partnership with IBM in the works, one can only guess how Instacart will continue to grow in the retail space.