Reed Technology and Information Services Inc., a LexisNexis company, today announced a definitive agreement to acquire PatentCore, the Minneapolis-based, privately held developer of the LexisNexis® PatentAdvisorSM solution suite. The acquisition will extend the LexisNexis intellectual property (IP) offerings and give customers access to a broader range of innovative and unique IP services.
“Our relationship with PatentCore has helped us integrate more dynamic patent analytics capabilities into a strong base of IP products and services available through LexisNexis,” said Samuel Hardman, President of Reed Tech. “PatentAdvisor offers highly valuable analytical and statistical insights on patent prosecution and portfolio management that are unique in the marketplace.”
PatentAdvisor is a suite of easy-to-use, web-based patent analytics tools that make patent prosecution a more strategic and predictable process for IP-driven companies and law firms. The suite leverages mature big data sets and analytics, delivering searchable and actionable information to drive more effective and efficient patent prosecution and management.
The patent acquisition timeline can be highly variable due to a variety of factors that impact the way individual patent applications are treated within the U.S. Patent and Trademark Office (USPTO). Because the number of required office actions differs dramatically across art units, as well as from one examiner to the next within art units, a company’s cost of obtaining a patent can also vary dramatically with each application. PatentAdvisor provides a way to better understand, diagnose and measure the cost of patent prosecution. With clear, visual cues outlining the points at which low allowance rates and high numbers of office actions intersect, PatentAdvisor delivers a competitive advantage to companies that want to practice more precise, effective patent prosecution.
By understanding USPTO patent examination patterns, PatentAdvisor also helps law firms practice more precise prosecution to facilitate better client communication, build trust with clients and develop additional business. With the built-in measurement tools of PatentAdvisor, law firms now have a powerful client development tool that provides objective patent prosecution metrics to IP-driven companies.
Current customers across a range of leading IP law firms and intellectual property-driven companies from a variety of industries, including technology, electronics and life sciences, are already using the PatentAdvisor platform to significantly increase the efficiency of their patent prosecution process.
Christopher Holt, co-creator and CEO of PatentCore, joins Reed Tech as Vice President of LexisNexis PatentAdvisor. “I’m very excited to be joining LexisNexis and Reed Tech to better serve the needs of the intellectual property market,” said Holt. “Together, we will accelerate the innovations and develop solutions that use predictable statistical insight to reduce blind spots for IP professionals.”
PatentAdvisor joins LexisNexis TotalPatent®, LexisNexis PatentOptimizer™, LexisNexis IP DataDirect and IP Services (formerly ReedFax®) as part of a comprehensive and growing portfolio of IP solutions designed to meet the most critical needs of IP professionals.