Finjan Holdings, Inc. (NASDAQ:FNJN), which is a subsidiary of Finjan Incorporation and Proofpoint have reached ‘agreement’ what has been termed as mutual patent license, release and settlement agreement between the two companies. The two companies have been having a case for some time now revolving around patent problems. The case that was entitled as Finjan v. Proofpoint Inc. and Armorize Technologies reached a halt on June 7, 2016, in the District Court of Northern California. The judge handling the case was Honorable Haywood Gilliam.
Provisions of the verdict
The agreement reached by the Court provided that Proofpoint will pay cash totaling to $109 million before obtaining the license to the Finjan patent portfolio. The court ordered that Proofpoint pays the cash as follows; it will pay $4.3 million in a spun of three business days from the time of the execution of the agreement between the two companies. This is the cash that Finjan Incorporation had received a day earlier on 6th June 2016. The second requirement provided by the court was for Finjan Inc to pay $3.3 million January 4, 2017. Lastly, the court granted that Proofpoint must pay $3.3. Million before 3rd January 2018. However, the terms and obligations of the agreement were not made public by the Court during the reading of the verdict.
Although Finjan was formed 20 years ago, the company enjoys an excellent reputation currently in the cyber security sector. Therefore, the company has a strong foundation of patents for all its inventions given the nature of their business to avoid economic exploitation by other corporations or individuals.
Through specialized hardware and software technologies, the company has been able to detect even the slightest flaws and real-time threat in the field of computers and technology. Currently, the company enjoys an excellent position in the market due to its healthy investment portfolio focusing on partnerships, mergers, and acquisitions as well as strategic planning.
However, the company is yet to release a press release to the shareholders and the general Republic with regards to the fate of the case which has been in the eye of the public, the shareholders as well as the company’s competitor. Hopefully, the company will make the official press release soon