BRENTWOOD, Tenn.–(BUSINESS WIRE)–Palinode, a number one supplier of credit score dispute decision expertise, has taken authorized motion in opposition to competing software program firm Provana and a former buyer, Plaza Providers, for misappropriation of commerce secrets and techniques. Palinode is in search of damages and a everlasting injunction arising from Provana’s scheme to, by way of Plaza Providers, unlawfully entry commerce secrets and techniques and confidential info concerning Palinode’s Sonnet software program.
“This misappropriation of Palinode’s mental property, which we see as theft, is inflicting hurt and confusion within the market,” mentioned Palinode President and CEO Joe Storey. “We spent tens of millions of {dollars} and lots of 1000’s of hours growing and defending the Sonnet platform. It is a superior product that Provana desperately wished to entry, however we had been in a position to uncover what they did. The authorized motion we’re taking is a David-and-Goliath battle in opposition to a multinational software program firm, however we’re decided to guard our worthwhile mental property.”
Palinode asserts that Provana used illegal entry to find out how Sonnet works and quickly develop rival software program so it might attempt to meet up with Palinode, and that in doing so, Provana competed unfairly in its efforts to license the rival software program to Palinode’s present and potential prospects, damaging Palinode.
Provana is a U.S. and Indian firm with ties to Plaza Providers, an Atlanta-based collections company. In response to the lawsuit, Plaza was a Palinode buyer earlier than a whistleblower admitted to Palinode that they had been being pushed by Provana to offer info to Provana about Sonnet, and Palinode discovered that Provana had been accessing Sonnet. Plaza had signed an settlement with Palinode that barred third-party entry to Sonnet and prohibited disclosure of Palinode’s commerce secrets and techniques and confidential info. Palinode asserts that Provana induced Plaza to breach that settlement by permitting a Provana worker to entry Sonnet, posing as a Plaza worker, then Provana had a number of members of its growth staff entry and research Sonnet, after which it shortly produced competing software program.
“We took all the right precautions when it comes to insurance policies, procedures and expertise to protect the mental property in our Sonnet platform,” added Storey. “Nevertheless, granting customer-level entry to Plaza Providers was ample for them to vastly help Provana in growing its competing product.”
Sonnet is a platform that simplifies credit score dispute investigations, integrating with a buyer’s e-OSCAR dispute workflows to extend productiveness, keep compliance and, in the end, obtain environment friendly decision. Sonnet helps information furnishers meet Shopper Monetary Safety Bureau (CFPB) rules for demonstrating a “cheap investigation” and responding to every dispute inside 30 days.
Prospects and potential prospects with any questions in regards to the Sonnet platform are inspired to contact Palinode at 866-821-4484 or data@palinode.io.
Civil Motion No. 1:21-cv-01378-MN-SRF (D. Del.)
About Palinode
Palinode is a Brentwood, Tennessee-based software program growth firm that serves information furnishers all through the US. Palinode’s industry-leading product, Sonnet, helps prospects obtain larger compliance and productiveness by streamlining the credit score dispute investigation course of by automation.