SAN FRANCISCO, Jul 09, 2014 (BUSINESS WIRE) -- Asana, Canon, Dropbox, Google, Newegg and SAP today announced the formation of the License on Transfer (LOT) Network , a cooperative patent-licensing agreement that will cut down on patent troll litigation and the growing practice of patent privateering.

Patent litigation reached an all-time peak last year, with more than 6,000 lawsuits filed. Most of those suits came from non-practicing entities, also known as patent trolls—companies that don't have a business outside of licensing and litigating patents.