Inside Secure , specialised in embedded security solutions for mobile and connected devices, announced that it intends to enter into a new agreement with Intel Corporation.
The two companies have collaborated before, for their NFC technology license agreement in 2011. Now, with the new agreement, Inside Secure will retain ownership of most of the related IP assets and rights, and transfer to Intel its MicroRead-v5 next-generation NFC hardware and software modem technology, currently under development together with certain related tangible and intangible assets, including certain IP assets. Also, Inside Secure will receive from Intel USD 19.2 million in cash at closing.
Moreover, Intel would offer employment to certain INSIDE Secure employees based in France and California. The execution of the agreements is intended to take place after an 'information and consultation' process with INSIDE Secure's works council in France and is subject to customary signing and closing conditions.