Instacart Buys Over 250 Patents From IBM

(RTTNews) - Instacart, an online grocery platform in North America, has acquired over 250 patents from IBM (IBM).

Further, IBM and Instacart entered into a mutual patent cross license. 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. Financial terms were not disclosed.

"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.

"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.