Acacia Research
 |
 | |
| Company type | Public |
|---|---|
| Nasdaq: ACTG | |
| Founded | 1993; 31 years ago |
| Founder | Bruce Stewart |
| Headquarters | New York City, US |
Key people | MJ McNulty, CEO
Kirsten Hoover, Interim CFO Robert Rasamny, Chief Administrative Officer Jason Soncini, General Counsel |
| Website | acaciaresearch |
Acacia Research Corporation is a publicly traded American company based in New York City. It acquires businesses in industries including the technology, energy, and industrial/manufacturing sectors.[1] Acacia has a strategic relationship[vague] with Starboard Value, LP, the company's controlling shareholder.[1] The company has been characterized as a patent troll.[2]
History
[edit]Acacia was incorporated in California in January 1993 by Bruce Stewart and reincorporated in Delaware in December 1999.[3][4] Stewart founded the business with the intention of using investment capital for innovation.[4] In 2000, under the leadership of Paul Ryan and Chip Harris, it moved to concentrate on technology backed by strong patents.[4] Acacia’s operations have since expanded into three verticals: Intellectual Property Operations, which includes patent licensing, enforcement and technologies business; Energy Operations; and Industrial Operations.[5]
As of June 30, 2024, Acacia’s book value was $596.7 million and there were 100.4 million shares of common stock outstanding, for a book value per share of $5.95.[6] In the second quarter of 2024, the company’s total revenues were $25.8 million, up 227% compared to $7.9 million in the same quarter of 2023. This was composed of $5.3 million generated by the company’s Intellectual Property business, $6.3 million by Printronix and $14.2 million by Benchmark Energy.[6]
The company’s principal executive office is in New York City.[5]
Legal issues
[edit]Four months after Apple Computer filed an antitrust lawsuit against Acacia for conspiring with Nokia to extort exorbitant revenues from handset manufacturers,[7] in 2017 Acacia sued Apple Computer and some cellular carriers over four patents held by Nokia.[2]
In 2022, an internal investigation by Acacia found that former CEO Clifford Press had possibly abused corporate funds. Press sued Acacia in response, demanding to be put back on Acacia's board and threatening public attacks to gain a lucrative severance package.[8] The misconduct was confirmed in early 2023.[9]
References
[edit]- ^ a b "FORM 10-Q". SEC.
- ^ a b Mikey Campbell (20 April 2017). "Serial patent troll Acacia Research again sues Apple, cellular carriers over wireless patents". AI.
- ^ "Form 10-K". www.sec.gov. Retrieved 2024-07-16.
- ^ a b c "Patent Licensing". www.acaciaresearch.com.
- ^ a b "Form 10-K". www.sec.gov.
- ^ a b "Acacia Research Reports Second Quarter 2024 Financial Results". feeds.issuerdirect.com. Retrieved 2024-08-15.
- ^ "Apple Files a Major Antitrust Case against Acacia Research Corporation Pointing to a Conspiracy with Nokia Corporation". Patently Apple.
- ^ Bill Peters (30 December 2022). "Acacia Research says inquiry found former CEO may have misused funds". MarketWatch.
- ^ Kyle Brasseur (6 February 2023). "Acacia Research says probe confirmed ex-CEO's misconduct". Compliance Week.
External links
[edit]- Official website
- Acacia Technologies, a subsidiary
