Wellspring, the leader in innovation management software, announced the acquisition of Covalent Data, a Denver-based provider of intelligent search tools that enable companies to find innovative technologies and intellectual property. Covalent Data’s software uses machine learning to stitch together hundreds of data sources covering patents, SEC filings, academic discoveries, grants, and other information to create comprehensive profiles of innovative people, companies, and technology areas.
Robert Lowe, Wellspring CEO, said, “Every half hour, over 150 scientific articles are published and over 700 patents are filed. Scanning this data for relevant technology opportunities has become a major challenge for companies around the world. 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.”
Covalent Data’s search technology will be merged into Wellspring’s enterprise software products as integrated functionality. Existing Covalent Data customers will maintain ongoing access to their paid accounts.
Covalent Data CEO Tim Oliver, said,”Covalent Data empowers companies to scan the most comprehensive collection of licensable technologies, inventors, and start-ups. With the rapid pace of technological change, companies must redefine the way they search for technology. We’re excited to join Wellspring, as the acquisition will enable us to help more companies produce innovative products.”
Together, Wellspring and Covalent Data serve companies, academic institutions, and government agencies with comprehensive innovation management tools, helping them identify critical knowledge assets, evaluate opportunities, and acquire the technology needed to drive their innovation programs. Wellspring is a global leader in technology transfer and technology scouting software. Organizations rely on Wellspring to manage the identification, evaluation, and acquisition of technologies, partners, and investments.
Wellspring software supports the entire innovation process, from defining strategic areas of interest to investigating opportunities to commercializing results. Covalent Data is the leader in innovation intelligence, featuring the world’s most comprehensive collection of content. By stitching together disparate sets of public and private data, Covalent Data enables licensing professionals to discover groundbreaking technologies.