DALLAS, July 18, 2012 (GLOBE NEWSWIRE) -- IPNav announced today that the company has closed and drawn down on the first tranche of a $15 million debt financing facility with an affiliate of JGB Management Inc. IPNav was advised on this transaction by Cowen and Company, LLC.
Executive Chairman Erich Spangenberg said, "This new financing gives us additional working capital to support the major expansion we launched earlier this year. We are now at 40 employees with 30 professionals worldwide and seeking to expand further as the market embraces our outsourced licensing solution."
IPNav recently added offices in Palo Alto, Seattle and Tel Aviv to its existing presence in Dallas, Dublin, Paris and Shanghai.
Established in 2003, IPNav is the world's leading full service patent monetization firm helping forward-thinking corporations, universities, organizations and individuals profit from innovation. IPNav's integrated, end-to-end solution turns idle IP assets into revenue streams. Using its proprietary Patent Monetization Platform, IPNav unlocks the value trapped in our clients' IP portfolios – with timetables and objectives set by the client. IPNav's innovative approach has generated over $600 million in licensing revenue for its clients.
For additional information, please visit IPNav's website, www.ipnav.com.
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