A court ruling brought to a close a suit against Razorsight because of its stolen use of TEOCO’s intellectual property. As part of the order entered in the United States District Court for the Eastern District of Virginia, Razorsight Corporation, and other defendants, admitted liability on all of the claims filed against them. The settlement includes an injunction from Razorsight making any further use of any TEOCO intellectual property, a USD $4,500,000 payment, and a future audit. As an additional part of the court ordered injunction, Razorsight is required to extricate the stolen TEOCO intellectual property from all existing systems being used by its clients by September 1, 2008.
Atul Jain, TEOCO Chairman and CEO, said “We have built our business and reputation on ethics and integrity in the marketplace. We felt this action was necessary to protect the intellectual property we develop to serve our valued customers and we believe that justice has been served.”
In mid-2007, TEOCO was made aware that Razorsight was in possession of stolen TEOCO intellectual property. After careful investigation, in September 2007, TEOCO filed suit in federal court against Razorsight, and two other defendants, alleging theft of intellectual property and the use of that intellectual property by Razorsight to provide products and services that compete against TEOCO. The two other defendants, who included Razorsight’s founder and Chairman Sundeep Sanghavi, were former TEOCO employees. The discovery process of the lawsuit revealed that the defendants had stolen and incorporated even more TEOCO intellectual property than was initially asserted. Additional claims were subsequently filed. Razorsight Corporation, a Sierra Ventures backed company, began competing with TEOCO in 2003.
TEOCO is the market leader in providing highly scalable cost management, revenue assurance and business intelligence solutions to communications service providers worldwide. Fueled by industry leading expertise and innovative technologies, TEOCO’s solutions deliver rapid and substantial return on investment to over 40 of the industry’s leading corporations. Founded in 1994, TEOCO (The Employee Owned Company) has twice been ranked in Inc. Magazine’s List of 500 of the fastest growing privately held companies.
TEOCO is widely recognized for its commitment to principled entrepreneurship, business ethics, and employee ownership with a particular emphasis on its core values of alignment with employees, clients and community.
For more information, please visit their website: http://www.teoco.com