Razorsight settles TEOCO patent infringement lawsuit for $4.5 million
TEOCO claimed Razorsight stole its technology
Posted by E. Kiser on 05/23/08
Industry: Communication Technology
Defendant: Razorsight Corp.
Plaintiff: TEOCO Corp.
Jurisdiction: U.S. District Court for the Eastern District of Virginia
Result: Settlement -$4.5 million
Source: “Razorsight Forks out $4.5M to Settle TEOCO Suit,” BillingWorld.com, May 21, 2008; Thomas Heath, “Fairfax tech firms settle software suit,” Washington Post, May 21, 2008
Industry: Communication Technology
Defendant: Razorsight Corp.
Plaintiff: TEOCO Corp.
Jurisdiction: U.S. District Court for the Eastern District of Virginia
Result: Settlement -$4.5 million
Source: “Razorsight Forks out $4.5M to Settle TEOCO Suit,” BillingWorld.com, May 21, 2008; Thomas Heath, “Fairfax tech firms settle software suit,” Washington Post, May 21, 2008
On May 20, 2008, it was announced that the patent infringement lawsuit filed against Razorsight Corp. by rival TEOCO Corp. was settled for $4.5 million. The settlement was agreed upon nearly 9 months after the intellectual property lawsuit was filed. The suit involved technology related to billing software for invoice processing by telecommunication carriers.
Razorsight’s founder, Sundeep Sanghavi, left TEOCO to start the company. Aspects of the settlement include barring Razorsight from using TEOCO’s intellectual property in the future and the removal of TEOCO’s computer software from Razorsight’s products by September 1, 2008. The company must also submit an audit to ensure it is no longer utilizing TEOCO’s software.
