(By Balachander) TeleCommunication Systems Inc. (NASDAQ: TSYS) said it has sold two of its U.S. patents to IP Cube Partners of South Korea for a multi-seven-figure payment.
The patents involve the use of a stylus for navigating a map application on a hand-held device, such as a personal digital assistant or smartphone, the Annapolis, Maryland-based company said.
TeleCommunication said the sale of these two patents represents a next step in its program of monetizing its growing IP (intellectual property) portfolio.
"TCS' IP monetization efforts are not limited to patent sales – we are also pursuing direct licensing, represented licensing/enforcement and direct enforcement of our intellectual property as best suited to the situations," said TCS CEO Maurice Tose.
In calendar year 2012, the company said it was issued 52 U.S. patents, which brings the total number of patents issued worldwide to date to 271; TCS also filed 86 U.S. patents, with more than 380 patent applications pending worldwide.
TSYS shares closed at $2.61 on Wednesday.