Exegy Inc announced this Thursday that it has filed a patent infringement lawsuit against ACTIV Financial Systems Inc. (ACTIV) in the United States District Court for the Northern District of Illinois.
Exegy is a provider of low-latency technology for market data distribution and normalization. According to the statement provided by the company, the lawsuit accuses ACTIV, a financial market data vendor, of “unauthorized use of patented technology” and alleges that the company’s products “infringe one or more claims in seventeen Exegy patents.”
Exegy is Seeking Damages
The statement released today states that the low-latency technology provider is seeking monetary damages, an injunction as well as the destruction of all ACTIV’s allegedly infringing products.
As highlighted in today’s statement, the lawsuit is “intended to protect Exegy’s significant investment in innovative technology, including the use of Field Programmable Gate Arrays (FPGAs) to process and distribute financial market data.”
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Commenting on the lawsuit, James O’Donnell, chairman and chief executive officer of Exegy said: “Our expansive intellectual property portfolio is the result of patient investment of significant capital by our shareholders and relentless commitment to innovation by our research and development teams.”
“The resulting innovations enable us to deliver invaluable products and services to our clients and many derivative benefits to the financial services industry as a whole. We are entitled to fair compensation for using our protected technologies and we intend to defend our intellectual property assets.”
Finance Magnates reached out to ACTIV for a comment on the lawsuit, however, as of the time of publishing we have not yet received a response.
Harness, Dickey, & Pierce, P.L.C. and Nixon Peabody, LLP are representing Exegy in the action. According to the statement published this Thursday, the Missouri-based company has patent rights in over 110 granted patents and over 30 pending patent applications across the globe.