(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.
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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.