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The Working Group structures $50 million stalking-horse license for intellectual property ...

December 23, 2020 GMT

NEW YORK, Dec. 23, 2020 (GLOBE NEWSWIRE) -- On November 30, 2020, The Working Group facilitated the license of technology developed by Blackbird Logical Applications, LLC (“Blackbird”) to Port. Prerogative Club, a Delaware Corporation (“Port.”). The Working Group represents the interests of Ilya Podolyako in debt and equity investments. Mr. Podolyako licensed the technology in his personal capacity.

The license includes a royalty and a cash payment of up to $50 million in the event Port. chooses to purchase the technology. The license terminates in the event of non-use of the technology with an agreed upon period of time. Mr. Podolyako retains the right to release the underlying source code to the public and intends to do so under a GPL license on or about January 1, 2021.

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Mr. Podolyako founded Blackbird in 2014, raised one of the largest pre-seed rounds in New York history, and released the first marketplace for corporate credit, all while bypassing traditional VC funds and incubator programs. The company went on to release a fund administration and portfolio monitoring platform tailored to private market investors. Blackbird successfully piloted its software with over a dozen institutions and won paying enterprise clients on the East and West Coasts. Blackbird began exploring strategic alternatives in 2018 and dissolved in 2020 following a strategic process that involved over 200 firms.

Port. operates an online platform that tracks news about private companies.

MacKenzie Pantoja, Port.’s Chief Information Officer, says: “We believe that the technology we licensed may not be possible to replicate with any collection of people or resources. Port. is fortunate to have it as part of its toolkit. I am excited for the opportunity to use Blackbird assets to accelerate our mission to democratize private capital markets through data.”

Blackbird pioneered the use of AI to solve the hardest problem in finance: interpreting unstructured data. The company built an expert system and object library that mapped spreadsheets to concepts. Blackbird then wrapped the technology in a SaaS interface tailored to the needs of investment professionals in credit and PE. Mr. Podolyako and Co-Founder Peter Hua hired engineers from MIT, Harvard, and University of Chicago to support the technology as Blackbird grew.

The license excluded domains. Blackbird.io is currently on sale at sedo.com.


Contact: Port. Avi Spira (516) 448-4444 avi@runport.io Ilya Podolyako (917) 720-8193 Ilya@blackbird.io