Vertical software45% entry signalMarket screen3 sourced figuresOne thing must be trueincumbent vulnerability

IP & Patent Portfolio Management

Prepared 2026-09-09

The buyer population — Lessors of non-financial intangible assets (except copyrighted works)

Base industry report for 533 →
Establishments · CanadaA
554
with employees
Under 10 employeesA
63%
most common size: 1–4
Establishments · USA
2,729
Employment · USA
39,529
14 per establishment
Payroll · USA
$5.3B
$135k per employee

Of 554 Canadian establishments with employees, 63% have fewer than ten — mostly small operators. Each of those is one potential account, before any filter for size or fit.

Entry signal — what decides who wins here

One thing must be true
Structure decides One thing must be true Execution decides

Entry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.

What you would have to beat

Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.

How it was read
Binding constraintUNVERIFIEDincumbent vulnerability — Executional — a better operator can move it.
Measured inputsUNVERIFIEDnot applied — This is a software market. The industry’s business counts describe its BUYERS, not the market being entered, so they are left out of the signal.
How many new establishments are still tradingA
Real Estate and Rental and Leasing, US · opened 2020
88.7%
1 year
70.3%
3 years
57.9%
5 years
45%
10 years
opened 2015

Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.

This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.

Companies named in this market · 5

The binding constraint — incumbent vulnerability

Renewal fees pay for the software. Anaqua and CPA Global both earn on the annuity payments they administer, so the management platform can be priced at or below cost — the same attach economics as payments in the salon and nonprofit records, with a larger per-customer float. Selling the software alone means selling against free.

I

The incumbent

Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.

Incumbent
Anaqua and Clarivate (CPA Global)
Scale
Clarivate, which owns CPA Global, ran $2.455B of revenue in FY2025 with Q4 at $617M; Anaqua is private and discloses nothing
Share
No published revenue share. A review-site 'mindshare' ranking puts Anaqua first and CPA Global second — that is a survey artefact, not a measurement, and is recorded as tier C
Challengers
Questel, Dennemeyer, PatSnap, IPfolio (Clarivate), Alt Legal, Patsnap
Lock-in mechanism
Not assessed — screened before diligence
Price movement
Not assessed; the renewals annuity rather than the licence carries the economics
Is the buyer consolidating?
No
F

Financials & market size — sourced

Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.

Clarivate revenue, FY2025A $2.455B; Q4 $617M
Clarivate organic ACV growth, 2025B +1.8% group
Anaqua vs CPA Global 'mindshare'C 26.9% vs 11.5% on a review platform — a survey artefact, not market share
$

Market size, derived

Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.

Revenue floor
$2.5B

Disclosed revenue from 1 of 3 named vendors. The market is at least this large.

Implied total — revenue ÷ share
—

No vendor has both a disclosed revenue and a published share.

Published forecast
—Floor only

Only a revenue floor is known — the true market is larger by whatever the undisclosed vendors earn.

Competitor set · 3 named · 1 disclose revenue

NameRevenueShareNote
Clarivate (incl. CPA Global)NYSE: CLVTA $2.5B — FY2025 total revenue — IP, academia and life sciences together, far broader than IP management software
AnaquaC not disclosed — Private (Nordic Capital); no disclosure
Questel / Dennemeyer / PatSnapC not disclosed — Private; no disclosure

Evidence

Evidence. Incumbent financials on this record ARE sourced (tier A/B, see the financials block). The cut factor and reasoning remain analyst judgment and were not tested against customers.

#

Where the industry talks

The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.

AssociationCanadaA
Intellectual Property Institute of Canada (IPIC)
ipic.ca · 1,900 members (2026-09)

'more than 1,900 members' per About page: patent/trademark agents, IP lawyers, in-house counsel

Checked 2026-09-22
AssociationUSA
American Intellectual Property Law Association (AIPLA)
aipla.org

Main US IP-law association; includes a Law Practice Management committee; no member count on site

Checked 2026-09-22
AssociationInternationalA
Intellectual Property Owners Association (IPO)
ipo.org

Trade association of in-house IP owners (corporations and law firms); site gives inconsistent size figures so none recorded

Checked 2026-09-22
AssociationInternationalA
International Trademark Association (INTA)
inta.org · 6,700 members (2026-09)

'more than 6,700 organizations from 167 jurisdictions' per About page; the trademark side of portfolio management

Checked 2026-09-22
PublicationInternationalA
IAM (Intellectual Asset Management)
iam-media.com

Subscription trade title on IP as a business asset; runs the IPBC event series

Checked 2026-09-22
EventInternationalA
IP Business Congress (IPBC)
iam-media.com

IAM's flagship conference series for corporate IP leaders; several regional editions a year

Checked 2026-09-22
PublicationUSA
IPWatchdog
ipwatchdog.com

Daily patent and IP law news and commentary site

Checked 2026-09-22
PodcastInternationalA
IP Fridays
ipfridays.com

Interview podcast on IP practice; episode 178 was the latest when checked

Checked 2026-09-22

Licensing Executives Society USA & Canada (lesusacanada.org) is also live and relevant to licensing-side users. r/Patents could not be verified from this network.

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The businesses it sells to

Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.

Operating businessScreenedfiled at 5331
Franchise & Trademark Royalty OwnershipStructure decides
binding constraint: capital intensity

Owning a trademark and collecting a percentage of someone else's sales is as light an operating business as exists, and the 554 Canadian establishments — mostly franchisor head offices, 453 of them under 20 staff — show it is a common one. But a royalty is a result, not a starting point: the franchisor's asset was built over years of running the underlying restaurants, oil-change bays or brokerages, which is a screen for those industries rather than this one. The only way to enter this code directly is to buy a royalty that already exists, and Diversified Royalty Corp. publishes the price. In June 2025 it paid US$36 million in cash for the Cheba Hut trademarks and licensed them back for US$4 million a year — nine times the initial royalty, an 11% starting yield — on a 50-year licence escalating at the greater of 3.5% or US CPI plus 1.5% [A]. After more than a decade of such purchases its whole portfolio of nine royalty streams produced $70.8M of revenue in 2025, with organic royalty growth of 4.1% [A]. So the ticket is tens of millions per brand, the seller is a franchisor with other financing options, and the buyer's edge is cost of capital — a listed vehicle paying out 88% of its cash as dividends will outbid a private entrant for any royalty worth owning. The IP-management software sold to this branch is screened separately at 533.

NAICS 53314 vendors named11 sourced figuresOpen →