NYC Based Network-1 Announces Acquisition of Patent Portfolio
New York City-based Network-1 Technologies, Inc., a company engaged in the acquisition, development, licensing and monetization of intellectual property, today announced the acquisition of a patent portfolio relating to several key technologies applicable to the Internet of Things (IoT) and Machine-to-Machine industries and next generation consumer mobile technologies.
The acquired portfolio includes twelve issued United States patents relating to, among other things, the enabling technology for authenticating and using embedded SIM cards in next generation IoT, Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers as well as automobiles and drones. It is estimated that the annual sales of devices making use of embedded SIM technology will exceed 500 million units by 2024 as they are used in an extremely wide assortment of connected devices.
In addition to the granted United States patents, the portfolio also includes seven pending United States patent applications and nine pending International patent applications. The patents are based on a series of patent applications filed as early as 2013 and have patent terms extending into 2033.
“The acquisition of this patent portfolio is part of our continuing strategy to acquire intellectual property that we believe reflect significant developments in important technologies,” said Corey M. Horowitz, Chairman and Chief Executive Officer of Network-1. “We plan on working with Mr. Nix and M2M to further develop these pioneering inventions and pursuing licensing opportunities for these innovative technologies as the IoT and M2M markets further develop.”
