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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "Uses red highlighting to emphasize negative trends in DV's patent data.",
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      "text": "DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth.",
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      "text": "patent count",
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      "text": "DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth. Its close peer IAS has materially more U.S. patents and a growing application pipeline.",
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      "kind": "quote",
      "text": "\"We have two registered U.S. patents, four international patents (two in Europe and two in Japan) and six pending patent applications...\" — DoubleVerify. \"As of December 31, 2022, we had 41 issued U.S. patents, 2 allowed patent applications, and 31 pending patent applications.\" — Integral Ad Science.",
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      "text": "Source: DV and IAS Annual Reports",
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      "text": "Comparison table of U.S. Patents, Foreign Patents, and Pending Applications for IAS and DV from 2020-2022.",
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      "text": "We Believe DV Has No Moat And Limited Patent Protections",
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