Unwired Planet Closes Lenovo Patent License and Purchase Transaction
Unwired Planet, Inc. (NASDAQ:UPIP) announced it has completed its patent license and purchase transaction with Lenovo, initially disclosed on March 20, 2014. The agreements called for $100 million upfront payment for both a pre-payment on the license and for the sale of 142 patents. Net proceeds to Unwired Planet, after payments to Ericsson, total $70 million.
Under the terms of the agreement, Lenovo is licensed to Unwired Planet's intellectual property portfolio for a number of years, covering standard essential, implementation, and application layer technology for mobile devices. Following the transaction, Unwired Planet's portfolio consists of approximately 2,500 issued and pending US and foreign patents.
The patent purchase consists of 21 patent families owned by Unwired Planet, including patents for 3G and LTE mobile technologies and other important mobility patents.
About Unwired Planet
Unwired Planet, Inc. (UPIP) is the inventor of the Mobile Internet and a premier intellectual property company focused exclusively on the mobile industry. The company's patent portfolio includes technologies that allow mobile devices to connect to the Internet and enable mobile communications. The portfolio spans 2G, 3G, and 4G technologies, as well as cloud-based mobile applications and services. Unwired Planet's portfolio includes patents related to key mobile technologies, including baseband mobile communications, mobile browsers, mobile advertising, push notification technology, maps and location based services, mobile application stores, social networking, mobile gaming, and mobile search. Unwired Planet is headquartered in Reno, Nevada. References in this release to Unwired Planet may be to Unwired Planet, Inc. or its subsidiaries.