InterDigital Completes Acquisition of Technicolor R&I Unit

Date : 06/04/2019 @ 1:30PM
Source : GlobeNewswire Inc.
Stock : Interdigital, Inc. (IDCC)
Quote : 64.94  0.0 (0.00%) @ 8:59AM

InterDigital Completes Acquisition of Technicolor R&I Unit

Interdigital, Inc. (NASDAQ:IDCC)
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2 Months : From May 2019 to Jul 2019

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InterDigital, Inc. (NASDAQ:IDCC), a mobile and video technology research and development company, today announced that it had completed its acquisition of the Research & Innovation (R&I) research and development organization of Technicolor (Euronext Paris:TCH) (OTCQX:TCLRY), a worldwide technology leader in the media and entertainment sector, on May 31, 2019. The acquisition creates one of the largest long-term R&D and licensing companies in the world, at the intersection of two of the most impactful technology areas. Combined with the prior acquisition of Technicolor’s valuable patent portfolio and licensing teams, InterDigital is positioned to dramatically expand its offerings and value proposition to a broad range of customers.

The acquisition brings InterDigital’s research team to approximately 340 engineers in eight R&D offices worldwide, and expands the company’s research capabilities beyond its core wireless base into video, augmented reality, immersive content, artificial intelligence and other key areas. Through its relationship with Technicolor’s production services arm as a key customer, InterDigital also gains a direct link to the end-market in emerging technology areas.

“This is a pivotal moment in InterDigital’s history. This acquisition creates one of the largest research teams in the world focused on fundamental wireless and video technologies. We now have an opportunity, through the combined research teams, to drive even greater innovation into wireless and video standards, and particularly exciting are the innovation opportunities at the intersection of these two technical pillars. Both our existing wireless customers and our new customers in consumer electronics present rich opportunity for us to innovate and deliver solutions to their greatest challenges, as well as those of the entire industry,” said William J. Merritt, President and CEO of InterDigital.

The company remains committed to its goal of expanding revenue sources while maintaining expenses. “Through careful management of our patent portfolio expenses, combined with the attractive research expense climate in France, customer contribution, and our ongoing elimination of non-core research expense, we are confident that by the end of 2020 we can return our cost of operating the business to 2017 levels, less the impact of inflation,” said Richard J. Brezski, Chief Financial Officer.

About InterDigital®

InterDigital develops mobile technologies that are at the core of devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index.

InterDigital is a registered trademark of InterDigital, Inc.

For more information, visit: www.interdigital.com.

InterDigital Contact:Patrick Van de WilleEmail: patrick.vandewille@interdigital.com +1 (858) 210-4814 

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