INSIDE SECURE CLOSES AGREEMENT WITH INTEL ON NEW NFC TECHNOLOGY AND IP LICENSE
INSIDE Secure (NYSE Euronext: INSD), a leader in embedded security solutions for mobile and connected devices, announced it has completed the agreement with Intel Corporation previously announced on April 1.
Under the terms of the concluded agreement, INSIDE Secure has:
- Extended the pre-existing worldwide perpetual license it had with Intel into a broad, royalty-free and fully paid-up license, with INSIDE Secure retaining ownership of most of the related IP assets and rights
- Transferred to Intel its MicroRead-v5 next-generation NFC hardware and software modem technology currently under development, togetherwith certain related tangible and intangible assets, including certain IP assets
At closing INSIDE Secure received USD 19.2 million in cash from Intel.
In the context of the transaction, certain INSIDE Secure employees, based in France and California, have joined Intel.
This transaction is fully in line with INSIDE Secure’s strategy to focus on embedded security solutions for mobile and connected devices as well as leverage and monetize its NFC technology and intellectual property rights.