Everspin Technologies, Inc. (NASDAQ: MRAM), a developer and manufacturer of discrete and embedded magnetoresistive random access memory (MRAM), today announced it has entered into a multi-year worldwide licensing agreement with Alps Electric Co., LTD (Alps), a manufacturer of 3D magnetic sensors. Under the agreement, Alps and Everspin will mutually grant licenses to magnetoresistive-based 3D sensor patent portfolios for magnetoresistive sensor products. The terms of the agreement include an up-front license fee to Everspin as well as future royalties. Specific financial terms of the agreement are not being disclosed.

With an extensive portfolio of over 500 worldwide patents and applications covering its magnetoresistive technology, this agreement expands Everspin’s existing group of memory and sensor licensees. Everspin was recognized by IEEE in its Patent Power 2017 report as having one of the world’s top 20 most valuable patent portfolios for semiconductor manufacturing.

Kevin Conley, President and CEO of Everspin, stated, “Everspin’s magnetoresistive patent portfolio is valuable to a number of significant market applications beyond our core focus in magnetoresistive memory. This agreement demonstrates that value as well as our ability to monetize these assets and generate an additional revenue stream for Everspin.”