Hilco Streambank, a leading intellectual property advisory firm specializing in the valuation and sale of intangible assets, is selling the intellectual property assets of Mavatar (the “Company”) on behalf of Lynn Schoenmann, as chapter 7 trustee (the “Trustee”), including the patents, trademarks, domain names and source code for the Mavatar platform software. Offers are due October 13, 2020, and an auction will be held on October 15, 2020. The sale is subject to approval of the United States Bankruptcy Court for the Northern District of California, which is overseeing the Company’s chapter 7 bankruptcy case.
Mavatar created mobile and web applications which provide solutions for retailers, influencers and consumers. It offered mCart by Mavatar, a platform-as-a-service and omnichannel marketplace powered by blockchain that facilitates the creation of shoppable content, tracks sales and marketing dollars, and makes micro-payments to influencers.
With Mavatar’s technology, retailers are able to close the gap between their online and offline sales and marketing without any need for technology integration. The technology removes the marketing middleman and allows influencers to earn a commission for the products they promote on behalf of retailers. Influencers are able to create mCarts which provide consumers with lists of products from various retailers, as well as background information for each product such as whether a certain dress was featured on a popular TV show. These mCarts can be advertised on the influencers’ social media profiles and allow consumers to find various products across a variety of retailers. “Consumers’ universal shopping carts help them find the best deals,” remarked Hilco Streambank senior vice president Richelle Kalnit. “Mavatar’s technology allows consumers to track products to online and offline retailers and guides shoppers from movies, magazines, TV shows and social media directly to checkout.”
Senior Vice President
About Hilco Streambank: Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments.
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