Wellspring Worldwide, LLC and the Flintbox Innovation Network today announced that Wellspring will acquire Flintbox, the leading online global intellectual property exchange. Flintbox is being acquired from UBC Research Enterprise (UBCRE), a wholly owned, for-profit subsidiary of the University of British Columbia. Additional terms of the transaction were not disclosed.
Flintbox, based in Vancouver, is a spin‐out of the University of British Columbia and represents a strategic addition to Wellspring’s existing online software product business. The acquisition will extend Wellspring’s Technology Gateway product, to encompass over 160 universities, government labs, and companies able to post, exchange, license, and purchase technologies online.
Wellspring announced plans to further develop the Flintbox platform into an “Open Innovation Network,” incorporating technology from other Wellspring software products to provide an enhanced system for universities and companies to collaborate on research and commercialization agreements.
The Open Innovation Network will enable partner organizations to manage online material transfer agreements, multi‐institution disclosures, and bundled marketing and licensing. “Combining Flintbox and Wellspring represents one of the most exciting advances to the business of technology transfer and research commercialization in a decade,” said Robert Lowe, Chief Executive Officer of Wellspring. “Our complimentary client bases create a network of the leading research organizations across Asia, Australia, North America, and Europe.”
“We are very excited about combining efforts with Wellspring. The two companies are strategically aligned and there are great synergies that will be realized going forward.” said Stephen Smith, President of the Flintbox Innovation Network.
Wellspring management said the combined business will continue under the Flintbox brand name and maintain operations based in Vancouver. Additional support will be provided for North America clients from Wellspring’s Pittsburgh headquarters and for Europe, Asia, and Australia clients from Wellspring’s Cambridge, UK offices.