Law.com reported earlier this week that Ocean Tomo has sold its high-profile patent auction business to entrpreneurial British information brokerage ICAP for $10 million. The purchase, described (perhaps a little unkindly but probably honestly) as a "distressed-asset sale",comes not very long after Ocean Tomo appeared to be riding high, having sold more than $40 million worth of patents at three auctions during 2008, raking in between $12 million and $14 million in revenue. Loss of key personnel and the economic downturn have however combined, with devastating effect.Ocean Tomo keeps its lesser-known lines of business, such as its expert-witness service.
