Instacart Acquires Over 250 Patents From IBM

IBM has announced that Instacart, a leading online grocery platform, has acquired over 250 patents from IBM and entered a mutual patent cross-licensing agreement.

Rhea-AI Summary

IBM has announced that Instacart, a leading online grocery platform, has acquired over 250 patents from IBM and entered a mutual patent cross-licensing agreement. This partnership aims to strengthen Instacart's intellectual property rights and foster innovation in food delivery solutions. Financial terms remain undisclosed. IBM's ongoing commitment to innovation is highlighted, with the company recently securing over 9,130 patents in 2020 alone. This strategic collaboration is anticipated to enhance Instacart's service offerings and operational capabilities.

Positive

• Strengthens Instacart's intellectual property portfolio.
• Facilitates future innovation and growth for Instacart.
• IBM's commitment to innovation fosters a beneficial partnership.

Negative

• None.

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ARMONK, N.Y. and SAN FRANCISCO, Feb. 9, 2021 /PRNewswire/ -- IBM (NYSE: IBM) and Instacart, the leading online grocery platform in North America, announced today that Instacart has acquired over 250 patents from IBM. In addition, 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.

About IBM
IBM is the world's leading hybrid cloud platform and Artificial Intelligence company. The company invests more than $6 billion annually in research and development, and relies on its patents to protect that investment. Since 1920, IBM has received more than 150,000 U.S. patents and played a crucial role in innovations ranging from magnetic storage to laser eye surgery. IBM recently announced it has topped the U.S. Patent List for the 28th consecutive year, receiving 9,130 patents in 2020. Of note, last year IBM led the industry in the number of AI, cloud, quantum computing, and security related patents granted to IBM scientists and researchers. IBM's culture of scientific research encourages IBMers to develop new technologies within and beyond their regular field of work. We actively maintain a patent portfolio that has commercial relevance to IBM and to other companies seeking to obtain significant advantage from owning IBM intellectual property. Learn more at www.ibm.com. Contact: Doug Shelton (914)255-8115 or doshelton@us.ibm.com

About Instacart
Instacart is the leading online grocery platform in North America. Instacart shoppers offer same-day delivery and pickup services to bring fresh groceries and everyday essentials to busy people and families across the U.S. and Canada. Instacart has partnered with nearly 600 beloved national, regional and local retailers, including unique brand names, to deliver from more than 45,000 stores across more than 5,500 cities in North America. Instacart's delivery service is available to 85% of U.S. households and 70% of Canadian households. The company's cutting-edge enterprise technology also powers the ecommerce platforms of some of the world's biggest retail players, supporting their white-label websites, applications and delivery solutions. Instacart offers an Instacart Express membership that includes reduced service fees and unlimited free delivery on orders over $35. For more information, visit www.instacart.com. For anyone interested in becoming an Instacart shopper, visit https://shoppers.instacart.com/.
Contact: press@instacart.com

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SOURCE IBM

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the purpose of Instacart acquiring patents from IBM?

The acquisition aimed to strengthen Instacart's intellectual property rights and enhance its innovation capabilities.

How many patents did Instacart acquire from IBM?

Instacart acquired over 250 patents from IBM.

What kind of agreement did IBM and Instacart enter into?

They entered into a mutual patent cross-licensing agreement.

What impact does this acquisition have on Instacart's business?

The acquisition is expected to enhance Instacart's service offerings and operational capabilities.

What is IBM's reputation in terms of patents?

IBM is recognized for its innovation, having topped the U.S. Patent List for 28 consecutive years and receiving over 9,130 patents in 2020.