INSIDE Secure (NYSE Euronext: INSD), a leader in embedded security solutions for mobile and connected devices, announces it intends to enter into a new agreement with the Intel Corporation, building on the relationship initiated by their NFC technology license agreement in 2011.
Under the terms of the contemplated agreement, INSIDE Secure would:
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 upon completion of an ‘information and consultation’ process with INSIDE Secure’s works council in France and is subject to customary signing and closing conditions.
The transaction is expected to be strongly accretive to INSIDE Secure’s earnings in 2014, thanks to both the license revenue and on-going reduction in operating expense.
This transaction is fully in line with INSIDE Secure’s strategy:
Remy de Tonnac, chief executive officer of INSIDE Secure, said: "We are very pleased with this new strategic agreement with Intel. It demonstrates the ability of INSIDE Secure to develop cutting edge technology and IP that major semiconductor companies can integrate into their offering. It will also contribute to increasing our strategic focus on embedded security solutions for mobile and connected devices.”
Aicha Evans, corporate vice president and general manager of the Wireless Platform Research and Development Group in the Platform Engineering Group of Intel, said: “Over the last two years, we have been impressed by the technology, deliverables and the professionalism of INSIDE Secure. Intel will continue with this NFC technology in support of our wireless product roadmap.”