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January 2, 2014
08:39 EDTVRNGInfomedia Services to acquire Vringo's mobile platforms, partner services unit
Vringo announced that it has entered into a definitive agreement with Infomedia Services pursuant to which Infomedia will acquire Vringo's mobile partnerships, application business, and a portfolio of internally developed patents related to those technologies. Under the terms of the agreement, Infomedia will acquire Vringo's mobile technology business in exchange for an equity stake equal to approximately 8% of Infomedia. Vringo will license certain intellectual property assets and support Infomedia to identify and protect new intellectual property. In addition, Andrew D. Perlman, CEO of Vringo, will join Infomedia's board. The transaction is expected to close upon the satisfaction or waiver of certain closing conditions which are anticipated to be completed by March 31, 2014.
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