Technology and IP commercialisation company ipernica (ASX:IPR) has revealed the negotiation of a settlement in the lawsuit it was helping a Melbourne company fight against Oracle.
ipernica now expects to receive $7 million from Melbourne's Financial Systems Technology (FST) for its services in helping pursue a patent infringement case against Oracle.
FST, which had claimed Oracle violated several of its enterprise data management patents, has now filed to have the case dismissed as per the terms of the otherwise confidential settlement.
The $7 million, minus $500,000 in its own legal expenses, should be sufficient to fund the current operational requirements of ipernica's close-range aerial mapping service NearMap.com, the company said. It should also fund activities aimed at growing its IP assertion portfolio.
IPR shares soared 17.65% to $0.100 during Thursday's trading.