Intellectual Ventures lays off workers
Intellectual Ventures, the patent acquisition company founded by former Microsoft Chief Technology Officer Nathan Myhrvold, laid off some of its staff Wednesday.
The Bellevue company declined to say how many people were laid off or to talk specifically about what led to the layoffs. Intellectual Ventures said it had eliminated about 5 percent of its global workforce.
The company, which has been called a “patent troll” by some, said in a statement: “Intellectual Ventures has always had a bold vision — to establish an active market for invention where inventors realize the value of their ideas.
“We continue to refine our business model and in doing so restructured the company to deliver on our commitments, including maximizing the return for our investors,” the statement says. “The restructure is a combination of head count and infrastructure cost savings.
“While difficult, we have eliminated some roles and consolidated others elsewhere in the company,” the statement continues. “We remain committed to delivering long-term returns for our investors through a variety of monetization paths.”