Instacart, a San Francisco, CA-based online grocery platform, acquired over 250 patents from IBM (NYSE: IBM).
In addition, IBM and Instacart entered into a mutual patent cross license. The agreement allows Instacart to continue to strengthen its own patent portfolio, and the license gives the company freedom of action to use IBM patents in the future growth of its business.
The financial terms of the deals were not disclosed.
Instacart is an online grocery platform that gives North American shoppers the ability to offer same-day delivery and pickup services to bring groceries and everyday essentials to people and families across the U.S. and Canada. The company has partnered with nearly 600 national, regional and local retailers to deliver from more than 45,000 stores across more than 5,500 cities in North America. Its delivery service is available to 85% of U.S. households and 70% of Canadian households.
Instacart’s enterprise technology also powers the ecommerce platforms of some of the world’s biggest retail players, supporting their white-label websites, applications and delivery solutions. It also offers an Instacart Express membership that includes reduced service fees and unlimited free delivery on orders over $35.