Innovaro is a business focused on helping its clients to innovate and grow. In other words, an innovation solutions firm. The company offers a comprehensive set of consulting services and software to assure the success of any innovation project, regardless of the size or intent.
The company announced today that it has entered into a non-binding letter of intent for the sale of its PharmaLicensing/Transfer, Global Licensing and Knowledge Express operating divisions to IPFlow International LLC. IPFlow says it will focus on expanding the divisions and extending the business model for licensing partnerships and new market opportunities.
The price IPFlow will pay for Innovaro's divisions and all related assets is $2 million, to be paid in installments over nine months. In the letter of intent there is also a commission agreement for client leads provided by Innovaro to IPFlow International and vice versa. Both companies expect to work closely together on potential innovation needs for IPFlow International's clients.
Innovaro believes the agreement, if approved, will provide it with a strong partner and business model that it can then introduce to its customers. The sale of the divisions will allow it to focus its investments on sales and marketing to promote the growth of its service and software business while also strengthening its balance sheet.
There are no assurances as of yet that the sale of the divisions will go through. Under terms of the letter of intent, a final agreement must be reached before August 4, 2012.
For additional information about Innovaro and the services it offers, please visit the company's website at www.innovaro.com
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