New Zealand’s leading Intellectual Property (IP) specialist, AJ Park, today announced it will be joining the IPH Limited group of companies from 1 November 2017.
IPH is an ASX listed holding company for a number of intellectual property and associated companies offering services and products throughout the Asia-Pacific region.
AJ Park is widely regarded as one of the top IP firms in the Australasian region and advises a third of Fortune 500 companies and over half of New Zealand’s top 200 companies.
Founded over 125 years ago, AJ Park has offices in Auckland, Wellington and Sydney and employs approximately 205 people, including 30% of New Zealand’s registered patent attorneys.
AJ Park Managing Partner, Damian Broadley, said: “We are confident that significant benefits will flow from being part of the IPH Group. Importantly, we will continue to operate under the same name, with the same high quality people, but will gain access to investment, technologies and networks that will enhance the way we deliver services to our clients.
Being part of IPH will also provide AJ Park team members with more career progression opportunities than may be available in a traditional partnership model. As a result we are very excited about our future as part of this group.”
IPH Limited’s Managing Director, David Griffith, said: “New Zealand is a strategically important IP market and the addition of AJ Park, which is a high quality IP business will strengthen our position as a leading IP group in the Asia-Pacific region. We recognise its market leadership, world-class reputation, outstanding talent and enviable client list.
IPH is delighted to have reached an agreement with AJ Park and extends a warm welcome to partners and staff.”
AJ Park is the first New Zealand patent attorney firm to be acquired as a result of legislation which took effect from February 2017, which removed restrictions on ownership structures for patent attorney firms.
The total purchase consideration for AJ Park is NZ$66.1m adjusted for net debt and working capital adjustments. Further details on the transaction are available in the ASX announcement.
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