Magnolia Broadband's Patent Portfolio Acquired by Google
IP rights to benefit Google in the mobile space; Proceeds to help finance on-going R&D by Magnolia Broadband
WARREN, N.J.--(BUSINESS WIRE)--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.