BOCA RATON, Fla.--(BUSINESS WIRE)--IDI, Inc. (NYSE MKT: IDI), a data and analytics company, today announced that on August 18, 2016, the United States Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, issued an order in the Company’s pending litigation with TransUnion Risk and Alternative Data Solutions, Inc. (“TransUnion”) regarding a dispute over ownership of certain intellectual property previously created by IDI Chief Science Officer Ole Poulsen and currently being used to power TransUnion’s competitive product. The litigation relates to certain intellectual property created by Mr. Poulsen as a founder of competitor TLO, LLC. TransUnion acquired substantially all of the assets of TLO, LLC in December 2013. The Court’s order, among other things, deemed the intellectual property in dispute to be owned by TLO, LLC and, thus, acquired by TransUnion.
Following the Court’s order, CEO Derek Dubner stated, “While we are disappointed with the Court’s ruling, our primary focus remains on serving our customers with our newly-developed, proprietary technology platform, CORE™, and this ruling will have no bearing on our ability to serve customers. We are seeing extraordinary demand for our newly-released investigative product, idiCORE™, and we are working aggressively to evolve the product to meet demand across multiple verticals. While this case began as a dispute over ownership and TransUnion’s continued use of intellectual property developed by Mr. Poulsen at a previous company, it became readily apparent that this action was clearly a part of a broader effort by TransUnion to use litigation to preserve TransUnion’s market position and to deter competition. We will explore all options, including filing an appeal.”
The case is TransUnion Risk and Alternative Data Solutions, Inc. v. The Best One, Inc. and Ole Poulsen, Case No. 13-20853, Adversary Proceeding No. 14-01793, United States Bankruptcy Court, Southern District of Florida, West Palm Beach Division.
About IDI, Inc.
At IDI, we believe that time is your most valuable asset. Through powerful analytics, we transform data into intelligence, in a fast and efficient manner, so that our clients can spend their time on what matters most – running their organizations with confidence. Through leading-edge, proprietary technology and a massive data repository, our data and analytical solutions harness the power of data fusion, uncovering the relevance of disparate data points and converting them into comprehensive and insightful views of people, businesses, assets and their interrelationships. We empower clients across markets and industries to better execute all aspects of their business, from managing risk, conducting investigations, identifying fraud and abuse, and collecting debts, to identifying and acquiring new customers. At IDI, we are dedicated to making the world a safer place, to reducing the cost of doing business, and to enhancing the consumer experience.
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward looking statements include statements about whether the ruling will have any bearing on our ability to serve customers, whether our idiCORE™ product will evolve to meet demand across multiple verticals and whether we intend to file an appeal of the subject litigation. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.