Envestnet | Yodlee (NYSE: ENV) and Plaid Technologies, Inc. ("Plaid") are pleased to announce today that they have resolved the patent case brought by Envestnet | Yodlee in the United States District Court for the District of Delaware, the counterclaims brought by Plaid in the District Court, and the inter partes and Covered Business Method review petitions brought by Plaid before the Patent Office.
As part of the agreement, Plaid will license Envestnet | Yodlee's worldwide patent portfolio, which currently numbers 78 issued patents.
"We are pleased to have reached an amicable outcome. The agreement will provide value to both parties as well as the financial technology ecosystem," said Zach Perret, CEO, Plaid.
"Our patent portfolio is the result of over 17 years of development and innovation, and this important settlement underscores the value of patents which have become a technological cornerstone within our industry," said Anil Arora, CEO, Envestnet | Yodlee.