Sony and InterDigital Team to Launch Machine-to-Machine Focused Joint Venture Called Convida Wireless
NEW YORK & WILMINGTON, Del.--(BUSINESS WIRE)--
InterDigital, Inc. (IDCC) and Sony Corporation of America (SNE) today announced the launch of a joint venture to combine Sony's consumer electronics expertise with InterDigital's pioneering wireless machine-to-machine (M2M) and bandwidth management research. The joint venture, called Convida Wireless, will focus on driving new research in the growing field of M2M wireless communications and other connectivity areas.
Convida Wireless represents a new collaboration between Sony, a longtime technology leader, and InterDigital Solutions, a unit announced in October by InterDigital that explores new engagement models with industry players. Based on the terms of the agreement, the parties will contribute funding and resources for additional M2M research and platform development, which will be carried out by InterDigital Solutions. Stephens Capital Partners LLC, the principal investing affiliate of Stephens Inc., a full service investment banking firm headquartered in Little Rock, Arkansas, will be a minority investor in Convida Wireless. The agreement also includes a patent license from InterDigital for Sony's 3G and 4G products.
"Mobile is one of Sony's core businesses, and this joint venture will help us strengthen our foundation in this important area, focusing specifically on machine-to-machine wireless technologies. Given the pioneering efforts of InterDigital's engineers in this growing field, we can't think of a better partner," said Toshimoto Mitomo, Executive Vice President of Entrepreneurship and Innovation, Sony Corporation of America. "Moreover, in a market that is by its very nature collaborative, we expect Convida Wireless to be a platform for additional industry collaboration."
InterDigital's current M2M research includes an M2M services delivery platform, standards leadership with the European Telecommunications Standards Institute (ETSI), and other areas of research. Recently, InterDigital technology powered a nine-vendor demonstration of standards-based M2M technology at the 3rd ETSI TC M2M Workshop in Mandelieu, France. InterDigital's M2M technology has been integrated into the trial platforms of various market participants, including BUTLER, Intecs, Intel Corporation, Kontron, Mformation, Radisys, Sensinode, and others.
"We're honored to partner with Sony, a company that is synonymous with so many advances in consumer technology, and to contribute our expertise in core wireless research. InterDigital's research efforts in M2M are mature, and have from the start been focused on creating a standards-based framework to benefit all companies in the wireless space – operators, device makers and others. We believe that collaborating with Sony through Convida Wireless will bring those efforts to the next level," said William J. Merritt, President and CEO of InterDigital.
InterDigital develops fundamental wireless technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index. InterDigital is a registered trademark of InterDigital, Inc. For more information, visit: www.interdigital.com.
About Sony Corporation of America
Sony Corporation of America, based in New York, NY, is the U.S. subsidiary of Sony Corporation, headquartered in Tokyo, Japan. Sony Corporation is a leading manufacturer of audio, video, communications, and information technology products for the consumer and professional markets. Its motion picture, television, computer entertainment, music and online businesses make Sony one of the most comprehensive entertainment and technology companies in the world. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Computer Entertainment America LLC, Sony Pictures Entertainment Inc., and Sony Music Entertainment. Sony recorded consolidated annual sales of approximately $79 billion for the fiscal year ended March 31, 2012, and it employs 162,700 people worldwide.
About Stephens Capital Partners LLC
Stephens Capital Partners LLC is the principal investing affiliate of Stephens Inc., a full service investment banking firm headquartered in Little Rock, Arkansas, which maintains offices in Conway, Hot Springs and Fayetteville, Arkansas and outside Arkansas in Atlanta, Austin, Baton Rouge, Boston, Charlotte, Chicago, Columbia, Dallas, Houston, Jackson, Memphis, Nashville, New Haven, New York City, Oklahoma City, Richmond, St. Petersburg, Washington, D.C. and London. For more information, please visit www.stephens.com
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements concerning our current beliefs, plans and expectations. Examples of these statements include, but are not limited to, statements regarding the focus of the joint venture, Sony's expectation for the joint venture to be a platform for additional industry collaboration and InterDigital's belief about the effect of the joint venture on InterDigital's research efforts in M2M. Actual results may differ materially from those indicated in forward-looking statements as a result of various important factors, including but not limited to the activities and success of the joint venture. We undertake no duty to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
Patrick Van de Wille, +1 858-210-4814
Sony Corporation of America Contact:
Mack Araki, +1 212-833-6821
Lisa Gephardt, +1 212-833-6826
Stephens Capital Partners LLC Contact:
Frank Thomas, 501-377-8127