Inside Secure announced its intention to enter a new agreement with Intel Corporation, building on the relationship initiated with their original Near Field Communications (NFC) technology license agreement from 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 assets
- – Receive from Intel US$ 19.2 million in cash at closing
Inside Secure stated that the new agreement is fully in line with INSIDE Secure’s strategy such as addressing the NFC market through licensing programs; continuing to support its legacy microcontroller NFC business and existing customers, and to pursue the development of other hardware platforms for mobile and other connected devices like the NFC Booster.
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.”
Intel has also initiated a $100 million dollar fund in China to make sure its chips get used in more smart devices.