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June 16, 2009

Off the Block

Two-bit patent auctioneer Ocean Tomo has been snapped up by British ICAP, the world's largest interdealer broker, for $5 million cash and a hypothetical $5 million in shares. More precisely: "Application will be made for the listing of 692,226 ordinary shares of 10 pence each which have been conditionally allotted as satisfaction for the stock consideration." Nine Ocean Tomo employees went along for the ride. After a flashy start, Ocean Tomo had a hard go of it, the recession sobering those who in flusher times might have splashed out for beachfront abstract property.

Posted by Patent Hawk at June 16, 2009 11:40 PM | Patents In Business