Expense management system providers Abacus Labs and Expensify in June agreed to end a patent infringement suit brought by the latter a year earlier. The suit sought to recover damages from Abacus’ alleged infringement of Expensify patents related to scanning receipts and matching them to credit card data.
The U.S. District Court for the Southern District of New York said “all asserted claims relief are hereby dismissed with prejudice.” Each side was to cover their own legal fees.
In requesting a dismissal last summer, Abacus Labs had told the court that Expensify’s patents were invalid.
Expensify CEO and founder David Barrett told The Company Dime that his lawyers would only let him say that the parties “resolved their litigation on mutually favorable terms. The terms of the agreement are confidential.”
A few weeks after the suit ended, fellow expense management firm Certify announced it acquired Abacus. Terms were not disclosed. Abacus joined Certify in K1 Investment Management’s portfolio, which also includes expense system providers ExpenseWatch, Nexonia and Tallie. Abacus claims more than 1,000 customers.
• Shoeboxed Uncovers Expense App, Joining Crowded Field Addressing Huge Market
• Concur Partnership Over, Egencia Announces New Expense Management Solutions
• ExpenseBot Plies Both Human Support And Tech
• Years Of Consolidation Gave Concur Market Power, But No Monopoly