Fortress Investment Group last month signed an agreement to sell or license Inventergy Global’s telecommunications patent assets, which comes three months after an agreement to waive the company’s September amortisation payment on its $11 million financing.
The patents on the block, which number 740, were previously purchased from Panasonic, Nokia and Huawei, the tech patent licensing company said in a 23 December statement.
Under the agreement, Fortress will have “sole discretion to make any and all decisions” pertaining to those patents and their monetisation, according to a Securities and Exchange Commission filing. The assignment of patent responsibilities will be implemented by 31 March 2017 pending shareholder approval.
Fortress declined to comment further, while a spokesperson for Inventergy did not respond to a media request.
Alongside the amortisation payment, the September agreement also waived a requirement that Inventergy keep at least $1 million of cash in the bank.
Inventergy is based in Silicon Valley, California and acquires and licenses patented technologies.
Fortress is a New York-based global alternative asset manager. Founded in 1998, the firm has $70.1 billion in assets under management, according to PDI data.