BlackBerry sells majority of non-core patents in $900M deal
Posted Mar 21, 2023 12:30:00 PM.
Blackberry has signed a deal that will bring almost a billion dollars into its coffers.
The Waterloo high tech company is selling off almost all of its non-core patents.
A statement from the company says it's a $900-million deal with Malikie Innovations Limited, a new branch of Key Patent Innovations (KPI), an intellectual property monetization company.
It includes about 32,000 patents and applications, primarily for mobile devices, messaging, and wireless networking.
BlackBerry CEO John Chen, says in a statement, not only will the sale help with BlackBerry's balance sheet, it will allow them to focus on their internet-of-things and cybersecurity projects.
“We're extremely pleased to have executed this agreement with KPI, whose industry-leading expertise and experience positions them well to realize the patent portfolio's potential and enhance returns for BlackBerry.”
The $900 million includes cash and future royalties.
It still needs regulatory approval in Canada and the U.S.
