Wellspring, a leader in innovation management software, has acquired Covalent Data, a Denver-based developer of intelligent search tools that help companies discover promising technologies and intellectual property for licensing.
Covalent’s software uses machine learning to scan through hundreds of data sources covering patents, academic discoveries, grants, SEC filings and other information to create detailed profiles of inventors, companies and technology areas.
“Every half hour, over 150 scientific articles are published and over 700 patents are filed,” says Robert Lowe, CEO of Wellspring. “Scanning this data for relevant technology opportunities has become a major challenge for companies around the world.”
Wellspring plans to merge Covalent’s search technology into its own enterprise software products, so that existing Covalent customers will maintain access to their paid accounts.
“The combination of Wellspring and Covalent Data will give our customers unparalleled access to emerging discoveries, patents and insights, plus comprehensive tools to manage evaluations, share findings and license technologies directly from the creators,” says Lowe.
Together, Wellspring and Covalent have a customer base consisting of universities, companies and government agencies. By combining resources, the two companies will help these clients identify critical knowledge assets, evaluates opportunities and acquire the technology needed to boost their innovation programs.
“With the rapid pace of technological change, companies must redefine the way they search for technology,” says Covalent CEO Tim Oliver. “We’re excited to join Wellspring, as the acquisition will enable us to help more companies produce innovative products.”
Source: MarTech Series
