Reuters: Private Equity: CORRECTED-UPDATE 1-Openwave Systems to sell core businesses

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CORRECTED-UPDATE 1-Openwave Systems to sell core businesses Apr 16th 2012, 16:07 Mon Apr 16, 2012 12:07pm EDT * To sell service mediation and messaging business * Marlin Equity to rename businesses Openwave Mobility, Openwave Messaging * Co's remaining business to be renamed Unwired Planet April 16 (Reuters) - Openwave Systems Inc, which makes software for mobile phones, said it will sell its core service mediation and messaging products businesses to a private equity firm. The company, which has patents covering smart devices, cloud technologies and unified messaging that enables mobile devices to connect to the Internet, had earlier hired Jefferies & Co to help it explore strategic options. As consumers increasingly access the Internet on their mobile devices, driving data usage and e-commerce, companies have scrambled to monetize their intellectual property related to these technologies, a recent example being AOL Inc's $1 billion patent deal with Microsoft. Openwave's service mediation and messaging products businesses accounted for 58 percent of its first-quarter revenue, and is expected to fetch between $60 million and $120 million, according to analysts. The buyer, a California-based private equity firm called Marlin Equity Partners, plans to rename the acquired businesses Openwave Mobility and Openwave Messaging, the companies said in a statement. Openwave, whose software allows telecom operators like Sprint Nextel and AT&T give their customers wireless access to data and applications, has already sold its location business to India-based Persistent Systems Ltd. The company will rename its remaining business Unwired Planet and remain a publicly traded company after the deal closes this month. Link this Share this Digg this Email Reprints

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