MarineTraffic, the world’s most trusted AIS vessel tracking service has joined the Licence on Transfer (LOT) Network.
The LOT Network was formed to promote innovation by reducing the risk of litigation from Patent Assertion Entities (PAEs), also known as patent trolls. The LOT Network has 47 members across many industries, including some of the world’s most recognised names, and contains over 327,000 worldwide patent assets.
As an innovation driven company, MarineTraffic sees the importance of protecting its intellectual assets on a daily basis.
Demitris Memos, Managing Director at MarineTraffic said:
“We joined the LOT Network recognising its growing ability to protect against patent trolling and enable companies to get on with the business of innovation. We want to spend our time creating useful products for the shipping markets we serve, rather than wasting it engaged in meaningless legal disputes over patents.
We are anticipating a busy year with several major product launches – joining the LOT Network is part of a wider strategy designed to hedge against potential problems and ensure we can stay focused on delivering excellent service to the 6 million monthly users of our website and numerous commercial customers.”
Ken Seddon, CEO of LOT Network added:
“We are proud to welcome MarineTraffic into our international community. They represent what LOT Network is about – trust – and they role model what our members believe: good corporate citizens focus on delivering innovation for their customers, not monetising patents through trolls. Patent trolls drain over $80 billion dollars per year from the US economy alone. MarineTraffic has made the commitment to be part of the permanent solution.”
MarineTraffic has not been contacted by any PAEs to date.