Amazon ‘Stole’ 2001 Patented Technology, Made A Fortune

Posted on Mar 15 2012 - 6:36am by Editorial Staff

Latest to add legal war, a company name OIP Technologies has recently filed lawsuit against e-commerce giant Amazon. The company having only one patent (no. 7970713) in the United States entitled “Method and apparatus for automatic pricing in electronic commerce”, and covers automatic pricing mechanisms that use live price testing for determining demand for products in an online commerce environment. The patent application was filed a decade ago back in 2000 and was only issued last June in 2011.

According to the lawsuit documents, it states that company founder Vladimir Gorelik and Andrew Atherton founded the company in 1999 which sold price optimization software to e-commerce companies in order to generate more revenues. The file claims that Amazon went to great lengths and learned a lot about its automated pricing technology techniques. OIP Technologies claims, Amazon.com has “employed the technology claimed in the ’713 patent as part of its business strategy to increase profits”.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.