Inside Secure, a specialist in embedded security solutions for mobile and connected devices, has closed an agreement with Intel – previously announced on 1 April – on IP licensing and the transfer of NFC technology to the US chip giant.
Under the terms of the deal, Inside Secure has extended the pre-existing worldwide perpetual license it had with Intel into a broad, royalty-free and fully paid-up license. Inside Secure retains ownership of most of the related IP assets and rights.
The firm also transferred to Intel its MicroRead-v5 next-generation NFC hardware and software modem technology, currently under development, along with certain related tangible and intangible assets (including some IP assets).
Intel gave Inside Secure $19.2 million in cash on closing the deal.
Inside Secure said the transaction was “fully in line” with the company’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.