QIP is the owner of Davies Collison Cave (DCC) and FPA (formerly Freehills Patent Attorneys) (together the ‘Firms’), two Intellectual Property (IP) services firms. QIP is no.2 in total patent filings, with DCC the market leading individual firm in patent filings for local Australian clients. The Firms have a diverse group of long-lasting blue-chip clients serviced by highly qualified teams. Revenues are well diversified with high visibility, underpinned by thousands of invoices (>63,000 in FY15) on work tasks that must follow an IP lifecycle ‘pathway’. Frequent invoicing ensures work-in-progress is minimal and cash conversion is high. More information below, including our detailed initiation report.