Worldlink demands £8m for patent breach

Worldlink, which provides real-time financial data for mobile phones, said it had started legal action against a firm it says owes £8m for patent infringement.

Worldlink, which floated on the London Stock Exchange last month, said it had approached more than 30 companies in relation to infringement of its patents.

It also said it had identified a further 20 companies to whom they would "offer licences for access to its UK patent" over the coming weeks.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Today's move sees Worldlink issuing its first 'letter before action' in connection with an unnamed UK company, having failed to convince it to take out a patent license.

"This formal action follows extensive research into the robustness of the Worldlink UK patent, which has resulted in a positive Opinion from one of the UK's leading QC's," said Neil Riches, managing director at Worldlink.

"In addition, expert witness reports have been compiled to support the technological and historical background to the patent and its validity."

Worldlink said it intends to increase its licensing activities to protect the commercial position it has been working towards in the financial, and most recently, sports betting markets.

The company's share price fell 2% following the announcement.