IP rights to benefit Google in the mobile space; Proceeds to help finance on-going R&D by Magnolia Broadband
Magnolia Broadband, Inc. has sold its beam forming Mobile Transmit Diversity (“MTD”) patent portfolio to Google, Inc. (NASDAQ: GOOG). This patent portfolio is derived from over a decade of research, development, and testing, and covers methods for increasing spectrum utilization (network capacity), expanding coverage, improving uplink transmission speeds at the
cell edge, and improving device battery life.
Osmo Hautanen, CEO of Magnolia Broadband said; “We believe that Google’s acquisition of our more than 50 Mobile Transmit Diversity beam forming technology patents underlines the need for such a technology in mobile broadband devices.” Mr. Hautanen further explained Magnolia Broadband’s continued vision: “The software, which can be embedded into any mobile broadband device remains the property of Magnolia Broadband and will be made available to mobile device vendors and chipset companies.”
Yaron Eitan, Chairman of the Board of Magnolia Broadband, Inc. and a Partner in SCP Partners, the company’s largest shareholder, said: “This transaction is a milestone for Magnolia Broadband. It provides a return to our investors and funding for continued development of Magnolia’s MTD technology. We look forward to deployment of this innovative technology in smart phones, tablets and other mobile broadband devices, to provide faster data throughput, better coverage and wider range”.
Invention Capital Partners was retained by Magnolia Broadband to perform an analysis of Magnolia’s intellectual property assets and potential market opportunities, and thereafter to engage potential buyers and support the structuring, negotiation and efficient closing of the transaction.
About Magnolia Broadband, Inc.
Magnolia Broadband, Inc., a Warren, New Jersey based company founded by Israeli serial entrepreneur and wireless pioneer Haim Harel, President of Magnolia Broadband, is the inventor and developer of the MTD beam forming technology. MTD is an innovative RF solution that provides the capacity and scalability to address significant growth in mobile data usage with no change to base stations or wireless standards. MTD enables new revenue opportunities and delivers innovative services, while delivering an enhanced end-user wireless experience. The company is currently expanding MTD into multiple antennae MRD (Mobile Receive Diversity) to improve streaming video and peer-to-peer applications on tablets and other mobile broadband devices. Please visit www.MagnoliaBroadBand.com for more information.
About SCP Partners
SCP Partners, located in suburban Philadelphia, has $1 billion under management and is focused on investments in Information and Communications Technology data collection and analytics for television, Life Sciences, Services, and Defense and Security. Particularly promising technologies being developed under SCP’s guidance include data collection and analytics for television, seamless video perimeter security and intrusion detection, and video lecture capture applications for education. With over 200 years of combined investment and operating experience, SCP supports its investment portfolio with a rich base of strategic, operating and financial expertise and an extensive network that enables it to access capital, recruit management, and facilitate favorable strategic alliances for its portfolio companies. Please visit www.scppartners.com for more information.
About Invention Capital Partners
Invention Capital Partners manages strategic intellectual property transactions and investments that increase enterprise value. The firm’s offices are located in Silicon Valley and Paris. For more information regarding Invention Capital Partners, contact Vincent Pluvinage, Managing Partner and co-founder (email@example.com).
For more information about this topic, or to schedule an interview, please contact Osmo Hautanen, CEO, at 1.214.435.6800 or e-mail: firstname.lastname@example.org.
SOURCE: Magnolia Broadband, Inc.
Copyright Business Wire 2012