Intel pays INSIDE Secure $19.2 million
The cash is so Intel can use INSIDE Secure's new near field communication technology and IP license
INSIDE Secure, which specialises in embedded security solutions for mobile and connected devices, has completed the agreement with Intel Corporation previously 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.
The company has also 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.
At closing, INSIDE Secure received $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 in line with INSIDE Secure's strategy to focus on embedded security solutions for mobile and connected devices as well as leverage and monetise its NFC technology and intellectual property rights.