Protecting Trade Secrets During Corporate Transactions
In 2013, Michael Hunter Gray co-founded software start-up Calaborate, which developed a group-scheduling mobile app called Klutch. Mr Gray and other Calaborate employees executed assignment agreements agreeing that all proprietary information and innovations developed during their employment with Calaborate would remain the sole property of the company. Gray later attempted to sell Klutch, nearly closing a deal with international online ticket marketplace StubHub, Inc. But the deal failed, and Calaborate ultimately declared bankruptcy. Calaborate’s assets, including the Klutch app and all related IP, were ultimately acquired in a foreclosure sale by Calendar Research LLC.
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