|[April 01, 2014]
INSIDE Secure to Sign a New NFC Technology and IP License Agreement with Intel
AIX-EN-PROVENCE, France --(Business Wire)--
INSIDE Secure (NYSE Euronext: INSD), a leader in embedded
security solutions for mobile and connected devices, today announced it
intends to enter into a new agreement with Intel (News - Alert) Corporation, building
on the relationship initiated with their NFC technology license
agreement in 2011.
Under the terms of the contemplated agreement, INSIDE Secure would:
extend the current worldwide, perpetual license into a broad,
royalty-free and fully paid-up license, with INSIDE Secure retaining
ownership of most of the related IP assets and rights
transfer 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
receive from Intel US$ 19.2 million in cash at closing
Moreover, Intel would offer employment to certain INSIDE Secure
employees based in France and California.
The execution of the agreements is intended to take place upon
completion of an "information and consultation" process with INSIDE
Secure's works council in France and is subject to customary signing and
The transaction is expected to be strongly accretive to INSIDE Secure's
earnings in 2014, both thanks to the license revenue and on-going
reduction in operating expense.
This transaction is fully in line with INSIDE Secure's strategy:
to focus on high added value embedded security solutions for mobile
and connecte devices through its Mobile Security and Secure
to address the NFC market through licensing programs;
to continue supporting its legacy microcontroller NFC business and
existing customers, and;
to pursue the development of other hardware platforms for mobile and
other connected devices. In particular, the Group plans to continue to
develop the NFC booster front end PicoPulse™.
R�my de Tonnac, Chief Executive Officer of INSIDE Secure, stated: "We
are very pleased with this new strategic agreement with Intel. It
demonstrates the ability of INSIDE Secure to develop cutting edge
technology and IP that major semiconductor companies can integrate in
their offering. It will also contribute to increasing our strategic
focus on embedded security solutions for mobile and connected devices."
Aicha Evans, Corporate Vice President and General Manager of the
Wireless Platform Research and Development Group in the Platform
Engineering Group of Intel, said: "Over the last two
years, we have been impressed by the technology, deliverables and the
professionalism of INSIDE Secure. Intel will continue with this NFC
technology in support of our wireless product roadmap."
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,
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.
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