Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") today announced that its subsidiary, Tessera, Inc., has entered into an agreement with Amkor Technology, Inc. ("Amkor") to settle all pending litigation between Amkor and Tessera, Inc. Under the terms of the agreement, Amkor will pay Tessera a total of $155 million, comprised of sixteen equal quarterly recurring payments commencing in the first quarter of 2015, and continuing through the fourth quarter of 2018. This settlement includes the resolution of the previously awarded judgment of $128.3 million plus interest, as well as additional amounts related to the settlement of other proceedings.
"We are extremely pleased to have reached this settlement agreement with Amkor," said Tom Lacey, CEO of Tessera. "This settlement puts our disputes behind us, and opens the door for Amkor and Tessera to have technical collaboration discussions on advanced packaging technologies. We look forward to finding ways to deliver value to the semiconductor industry through innovation and collaboration with one of the world's leading semiconductor packaging companies."
"Amkor is also pleased to have reached a settlement with Tessera," said Steve Kelley, President and CEO of Amkor. "Amkor is a world leader in semiconductor packaging, and we look forward to exploring opportunities for technology engagement with Tessera that may provide a long-term benefit to our customers and our shareholders."
Subsequent to this agreement, Tessera is raising its 2015 recurring revenue guidance from $195 million to $235 million.
About Tessera Technologies, Inc.
Tessera Technologies, Inc. and its subsidiaries generate revenue from licensing to manufacturers and other implementers that use the Company's technology in areas such as mobile computing and communications, memory and data storage, and 3-D Integrated Circuit technologies. For more information call 1.408.321.6000 or visit www.tessera.com.
Tessera, the Tessera logo, FotoNation, the FotoNation logo and Invensas Corporation are trademarks or registered trademarks of affiliated companies of Tessera Technologies, Inc. in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.