Canadian patent licensing firm Wi-LAN Inc agreed to settle a lawsuit related to Bluetooth technology with chipmaker Texas Instruments, sending its shares up 11 percent to a year high.
The company, which holds about 525 wireless technology patents including patents relating to WiFi, CDMA, Bluetooth and DSL technologies, did not disclose terms of the agreement, including the amount it will get from the settlement.
In February, Wi-LAN Inc agreed to end all litigation with British chipmaker CSR Plc out of court.
Ottawa-based Wi-LAN, which develops and licenses intellectual property for products in the communications and consumer electronics markets, has sued a host of companies, including Intel, Apple, Dell and Hewlett Packard -- to make them sign license deals.
The company posted a higher first-quarter profit on the licenses and said signing deals with these companies helped cut its litigation costs.
Shares of the company were trading up 9 percent at C$8.50 on Monday morning on the Toronto Stock Exchange, after touching a year high of C$8.64 in early trading. They have almost doubled in value in the past year.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)