SAN FRANCISCO, Aug 19 (Reuters) - Patent buyer Intellectual Ventures said on Tuesday it will reduce its global workforce by 19 percent, as the company increasingly turns to litigation in order to generate licensing revenue.
Intellectual Ventures has raised about $6 billion and acquired 70,000 patents and other intellectual property assets, which it licenses to companies in exchange for royalties.
“We are making operational changes that are consistent with this reduction and will enable us to maintain and expand our leadership in the market for invention,” the company said.
Some tech companies like Microsoft are also investors in the company and receive a share of the royalties. Long-time investors Apple and Intel declined to participate in IV’s latest fundraising vehicle earlier this year.
Reporting by Dan Levine; Editing by Leslie Adler