18.2 C
Jaipur
Thursday, October 29, 2020

Ocado: Britain’s Ocado sued by AutoStore over alleged patent infringement – Latest News

Must read

Consumer tech app Streetbees raises $40 million from investors – Latest News

Streetbees, a startup that monitors the emotions of consumers and analyses their purchasing decisions, said on Wednesday it had raised $40 million from investors...

IT: Digitalisation to drive $6.8 trillion IT spending from 2020 to 2023: Report – Latest News

The global economy remains on its way to its "digital destiny" driving USD 6.8 trillion of IT spending from 2020 to 2023, according to...

Set up CUPS Print Server in Ubuntu 20.04 – Linux Hint

The job of a print server is to accept print requests from multiple machines, process those requests, and then send them to...

Javascript Print Page – Linux Hint

Javascript is a scripting or programming language, which is most commonly used nowadays in the web industry. It provides a lot of...

Online supermarket and technology group Ocado, which this week became the most valuable retailer on Britain’s stock market, is being sued by Norwegian robotics company AutoStore for allegedly infringing patents.

While Ocado’s retail business has only a 1.7% share of Britain’s grocery market, its state-of-the-art technology for robotically operated warehouses has spawned partnership deals with supermarket chains around the world, underpinning a stock market valuation of over 20 billion pounds ($26 billion).

AutoStore said on Thursday it had filed patent infringement lawsuits in the United States and the United Kingdom. AutoStore said Ocado has been its customer since 2012.

AutoStore argues that its storage system and robots are the foundation on which the “Ocado Smart Platform” (OSP) technology was built and on which Ocado’s business today is based, and seeks financial damages.

“Our ownership of the technology at the heart of Ocado’s warehousing system is clear,” said AutoStore CEO and President Karl Johan Lier in a statement.

“We will not tolerate Ocado’s continued infringement of our intellectual property rights in its effort to boost its growth and attempt to transform itself into a global technology company,” he added.

AutoStore, founded in 1996, is also seeking to bar Ocado and its partners from making and selling the products involved, and from importing them into the United States.

Ocado declined to give comment immediately.

Its shares were down 7% at 1113 GMT.

On Tuesday Ocado overtook Tesco as Britain’s most valuable retailer by market capitalization.

Ocado, founded in 2000 by three former Goldman Sachs bankers, including CEO Tim Steiner, struggled for years to make a profit but has been transformed by partnership deals with supermarket groups including Kroger in the United States, Marks & Spencer and Morrisons in Britain, Casino in France and Aeon in Japan.

Ocado’s deal with Kroger, inked in 2018, will see at least 20 automated warehouses built in the United States, with the first due to open in early 2021. The deal was seen as key in Kroger taking on Amazon.

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Consumer tech app Streetbees raises $40 million from investors – Latest News

Streetbees, a startup that monitors the emotions of consumers and analyses their purchasing decisions, said on Wednesday it had raised $40 million from investors...

IT: Digitalisation to drive $6.8 trillion IT spending from 2020 to 2023: Report – Latest News

The global economy remains on its way to its "digital destiny" driving USD 6.8 trillion of IT spending from 2020 to 2023, according to...

Set up CUPS Print Server in Ubuntu 20.04 – Linux Hint

The job of a print server is to accept print requests from multiple machines, process those requests, and then send them to...

Javascript Print Page – Linux Hint

Javascript is a scripting or programming language, which is most commonly used nowadays in the web industry. It provides a lot of...

Infosys: Infosys becomes carbon neutral; outlines ESG vision for 2030 – Latest News

India's second largest software services firm Infosys on Wednesday said it has turned carbon neutral, three decades ahead of the timeline set by the...