TomTom bought US patent portfolio for $29 million



TomTom bought US patent portfolio for $29 million
In the documents released yesterday for its second quarter financial results, TomTom revealed the amount spent for acquiring a GPS navigation patent portfolio from Horizon Navigation Inc. (see previous article here). This US$29 million acquisition was made public on June 21 but TomTom did not disclosed the financial details of the transaction at that time.

TomTom’s Chief Financial Officer Marina Wyatt, questioned about this patent acquisition, said during yesterday’s analysts call: "we believe very strongly this portfolio will be useful in cross licensing situations". Engaged in legal battles in the United States with its competitor Garmin and also attacked in court by the bullish "patent enforcement" firm Acacia Research (see our article here), TomTom is aggressively building up its intellectual property both organically and through acquisitions.

Tuesday, July 24th 2007

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