(Sharecast News) - Software and information technology Micro Focus has settled its ongoing patent dispute with Wapp Tech to the tune of $67.5m.
Micro Focus said on Friday that as part of the settlement, it had been granted a fully paid-up, worldwide, irrevocable licence for the patents asserted by Wapp for current and future products and services.
The FTSE 250-listed firm's battle with Wapp came after Wapp accused Micro Focus of infringing three patents in connection with the manufacture and sale of certain products in its ADM product line.
Micro Focus stated the settlement amount was recognised as an exceptional item within its results for the six months ended 30 April and would be settled in cash.
"In concluding this matter, the board considered a range of factors, including the possible time, cost and significant resources required for the appeal process and concluded that it was in the best interests of the company that a settlement should be reached," said Micro Focus.
"Pursuant to the settlement, the company has been granted a fully paid-up, worldwide, irrevocable licence for the patents asserted by Wapp for current and future Micro Focus products and services, covering the company as well as its customers."
As of 0840 BST, Micro Focus shares were up 0.66% at 409.70p.
15 Jul 2021 16:13