MacroSolve, Inc., a provider of mobile technology intellectual property, has executed a letter of intent with MEDL Mobile, Inc. to monetize mobile patent.
MEDL Mobile develops, acquires and publishes a growing library of mobile applications which perform specific functions for the user on Apple and Android platforms. The company licenses its technology and performs custom development for key clients such as Monster.com, New York Times Company (News - Alert), Teleflora, Telefonica and Medtronic, allowing the company to grow the overall library of technology greatly extending the potential reach of the Mobile Brain.
The company enters into partnerships to mobilize and monetize IP with such notable names as Encyclopedia Britannica, MTV's Pauly D, Cheech & Chong, Rampage Jackson and Marlee Matlin. The company is establishing a business model in which it expects to generate multiple revenue streams, including development fees, download and in-app purchases, advertising, sponsorship and licensing of technology.
The pact once formalized will address the needs of the largest market of mobile application developers, small to mid-sized companies, who previously could not afford patent protection.
"In accordance with our new strategy to empower mobile innovators with I.P. strength, MEDL is the first visionary partner to provide app marketing services and the benefits of the '816' patent to thousands of app developers,” said Jim McGill, chairman and CEO, in a statement.
“Our joint business model is designed to be scalable, profitable and simple to implement, for the advantage of both companies, while the developer's variable expense is measured in pennies, versus thousands of dollars," said McGill.
"MEDL's goal is to provide an ever increasing library of tools and services to our growing Developer Network through our robust SDK," said Andrew Maltin, MEDL Mobile CEO.
Maltin said that this new relationship will allow MEDL to offer an entirely new tier of services -- one that was previously out of reach for most small and mid-sized developers.
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Edited by Brooke Neuman