INSIDE SECURE CLOSES AGREEMENT WITH INTEL ON NEW NFC TECHNOLOGY AND IP LICENSE
Aix-en-Provence, France, June 16, 2014 – INSIDE Secure(NYSE Euronext: INSD), a leader in embedded security solutions for mobile and connected devices, today announced it has completed the agreement with Intel Corporation which had previously been announced on April 1st.
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 together with certain related tangible and intangible assets, including certain IP assets.
INSIDE Secure received from Intel US$ 19.2 million in cash at closing.
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.
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Richard Vacher Detournière
General Manager & Chief Financial Officer
About INSIDE Secure
INSIDE Secure (NYSE Euronext Paris FR0010291245 – INSD) provides comprehensive embedded security solutions. World-leading companies rely on INSIDE Secure’s mobile security and secure transaction offerings to protect critical assets including connected devices, content, services, identity and transactions. Unmatched security expertise combined with a comprehensive range of IP, semiconductors, software and associated services gives INSIDE Secure customers a single source for advanced solutions and superior investment protection. For more information, visit www.insidesecure.com.
This press release contains certain forward-looking statements concerning the INSIDE Secure group. Although INSIDE Secure believes its expectations to be based on reasonable assumptions, they do not constitute guarantees of future performance. The Group's actual results may accordingly differ materially from those anticipated in these forward-looking statements owing to a number of risks and uncertainties. For a more detailed description of these risks and uncertainties, please refer to the "Risk Factors" section of the annual financial report of April 24, 2013, available on www.insidesecure.com.