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By Chris Wack
Zscaler Inc. (ZS) said Tuesday all patent lawsuits filed by Symantec against Zscaler have been dismissed with prejudice.
Zscaler said the dismissal resulted from the execution of a settlement agreement between Zscaler and Broadcom Inc (AVGO) following Broadcom's acquisition of the patents underlying the Symantec lawsuits as a part of its purchase of the Symantec enterprise security business.
Zscaler will make a payment of $15 million to Broadcom, and Broadcom will provide Zscaler with a patent license, release and covenant not to sue. The other terms of the settlement are confidential.
Zscaler shares were up 2% to $60.50 in premarket trading.
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(END) Dow Jones Newswires
January 14, 2020 08:01 ET (13:01 GMT)
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