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IBM (NYSE: IBM) patents.
What Happened:IBM and Instacart also entered into a mutual patent cross-license that will provide Instacart with freedom of action to use IBM patents in growing its business.
The financial terms of the transaction announced Tuesday were not disclosed, nor did the companies identify which patents were acquired.
"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 San Francisco-based Instacart.
Patents Galore: Last month, IBM announced its scientists and researchers received 9,130 U.S. patents in 2020, marking the 28th consecutive year the Armonk, New York-headquartered company led the nation for the most patents granted during a single year. More than 2,300 patents were granted last year to IBM for artificial intelligence technologies, while more than 3,000 patents were related to cloud and hybrid cloud technologies and more than 1,400 were for security-related technologies.