Tessera Technologies, Inc. (“Tessera”), a subsidiary of Xperi Corporation (the “Company”) (NASDAQ: XPER), today announced that it and certain of its affiliates entered into agreements with Broadcom Ltd. and certain of its affiliates (“Broadcom”), customers, and suppliers to settle and dismiss all pending litigation between them. In conjunction with the settlement, Broadcom entered into a new multi-year patent license agreement with Tessera.

“We are very pleased to have reached this settlement and license agreement with Broadcom,” said Jon Kirchner, CEO of Xperi Corporation. “This agreement validates the strength and breadth of our semiconductor portfolio, and provides us with a clear path to unlock the value of our innovations with other companies in the semiconductor industry.”

“The resolution of our dispute with Broadcom on mutually agreeable terms is a major milestone for Tessera’s IP licensing business. We look forward to a constructive relationship with Broadcom and thank the Broadcom team for their professional approach to reaching this resolution,” said Murali Dharan, president of Tessera.

The license agreement provides for an upfront payment in the fourth quarter of 2017 and recurring quarterly payments beginning in the first quarter of 2018. The other terms of the agreements are confidential.

Tessera and Invensas are subsidiaries of Xperi Corporation (NASDAQ: XPER). Over the past 27 years, research and development at both Tessera and Invensas has led to significant innovations in semiconductor packaging technology, which has been widely licensed and is found in billions of electronic devices globally.