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Be the first with the news that moves the market- Agricultural technology company AgJunction (AJX) has settled its patent infringement lawsuit against Kubota
- The 2019 lawsuit alleged that Kubota products infringed on three AgJunction patents relating to automated machine control and implement steering
- AgJunction and Kubota have dismissed the lawsuit and counterclaims, after coming to a mutually beneficial resolution
- The companies have also agreed to discuss definitive agreements for development and/or supply of autosteer and autonomous solutions
- AgJunction (AJX) is down 2.22 per cent and is currently trading at $0.44 per share
Agricultural technology company AgJunction (AJX) has settled its patent infringement lawsuit against Kubota.
The company first filed the lawsuit against the tractor and heavy equipment manufacturer in August of 2019. The lawsuit alleged that Kubota products infringed on three AgJunction patents relating to automated machine control and implement steering.
After a long process, the two companies and their respective subsidiaries have reached a mutually beneficial resolution. This resolution has resulted in the dismissal of the initial lawsuit and the counterclaims which followed.
Under the terms of the settlement, AgJunction has granted Kubota a non-exclusive license in the US and Canada to its patent portfolio. In exchange for licensed access to the AgJunction portfolio, Kubota will pay undisclosed royalty payments to the company.
In addition, the companies have signed a memorandum of understanding (MOU), agreeing to begin certain commercial discussions. These discussions will be about one or more definitive agreements in which AgJunction will develop and/or supply autosteer and autonomous solutions for Kubota’s products.
AgJunction’s President and CEO, M Brett McMickell, commented on the positive result that has come out of the company’s dispute with Kubota.
“We are happy about coming to a final settlement with Kubota.
“We see this as another step in leveraging our IP to expand the reach of our market leading automation solutions, and doing so with a company like Kubota fits well with this strategy,” he said.
AgJunction (AJX) is down 2.22 per cent and is trading at $0.44 per share at 2:12pm EDT.
