(Alliance News) - Micro Focus International PLC on Friday announced it has settled its ongoing patent dispute with Wapp Tech after reaching a USD67.5 million payment settlement.
The USD67.5m payment will see the resolution of the dispute without Micro Focus having any admission of liability.
"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," Micro Focus said.
The Berkshire, England-based business will pay the settlement in cash imminently, with the amount recognised as an exceptional item in the group's interim results.
The claim was originally brought against Micro Focus in 2018, with Wapp accusing the company of infringing three patents in connection with Micro Focus' manufacture and sale of certain products.
Shares in Micro Focus were trading up 0.3% at 408.14 pence each in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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