Applied Marks is an online platform that provides automated trademarks and automated registration and intelligence services pertaining to companies and domain names, through both customers and channel partners.

The platform represents upwards of 5 per cent of the Australian market, IPH said in its statement to the ASX.

The transaction will see IPH pay upfront cash consideration of $5 million, with consideration of a further $2.1 million (in the form of shares, escrowed for two years) to be payable two years after completion of the transaction, subject to achievement of minimum performance requirements.

While the acquisition will see the resources and technology acquired contribute to a new digital services function within IPH, Applied Marks will continue to operate its existing platforms, which are expected to extend into other jurisdictions in the future.

Speaking about the acquisition, IPH chief executive Dr Andrew Blattman said: “The acquisition of Applied Marks accelerates our digital capability while allowing us to address an expanded market.

“It bolsters our ability to participate in the online automated IP services space, and will support us to evolve our traditional trademark offering in line with the changing market.”

Applied Marks co-founder Ben Lehman – who will now serve as IPH head of digital services – said that the platform is delighted to be joining IPH.

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“We have recognised the strength and scope of IPH and the company’s success in integrating new businesses. We look forward to being part of the leading IP services group in the region,” he said.

“Our offering is a strong complement to IPH’s existing businesses, and we look forward to leveraging our digital capability to enhance the IPH service offering across other areas of IP.”