Kodak has gone through a lot this year. The picture company had endure the painful reality of bankruptcy and had to tolerate legal squabbles with Apple over patents. Now Kodak has taken one big step forward in restructuring the future of its company, as it was finally able to sell off its digital imaging portfolio to a consortium of 12 licensees for $525 million.
This gang of 12 companies include:
- Apple, Inc.
- Research In Motion Limited
- Google Inc.
- Samsung Electronics Co., Ltd.
- Adobe Systems Incorporated
- HTC Corporation
- Facebook, Inc.
- Fujifilm Corporation
- Huawei Technologies Co., Ltd.
- Amazon Fulfillment Services, Inc.
- Shutterfly, Inc.
- Microsoft Corporation
Kodak in a release, made it clear that every company listed above, will get rights to use the digital imaging patent portfolio and “certain other Kodak patents.” Intellectual Ventures, which represents Apple, will be acquiring this trove of digital image patents. This no doubt helps Kodak get out of its financial rut. Antonio M. Perez, Chairman and Chief Executive Officer, said “This monetization of patents is another major milestone toward successful emergence.”
It’s good to see companies come together like this when it pertains to patents. It makes far more sense to strike licensing deals rather than go to war in court, as that approach has proven to be not only costly but pointless because nobody really wins. Plus, coming together like this allows each company to pay licenses at a way cheaper price.
With this infusion of cash, Kodak just gained another life line. The transaction is subject to the approval of the Bankruptcy Court.