Qualcomm completes corporate restructuring
Oct 02, 2012 (TELECOMWORLDWIRE via COMTEX) --
Advanced wireless technologies developer Qualcomm Inc. (NASDAQ: QCOM) said it has completed plans to modify its corporate structure in order to enhance its ability to quickly deliver products to its customers, while further protecting and insulating its valuable patent portfolio from any claims resulting from actions and activities by portions of the company other than the Qualcomm Technology Licensing Division.
Qualcomm did not undergo this restructuring in anticipation, or as part, of spinning out either the QTL or QCT businesses, nor was this change in response to any third party actions or claims.
The new corporate structure features the parent company, Qualcomm Inc., which includes QTL and corporate functions, as well as most of Qualcomm's patent portfolio, and a wholly owned subsidiary, Qualcomm Technologies, Inc., which, along with its subsidiaries, now operates substantially all of Qualcomm's research and development activities, as well as product and services businesses, including its semiconductor business, QCT.
Under the new structure, QTI and its subsidiaries owns patents specifically developed for purposes of providing open source software contributions by QTI and its subsidiaries, whereas substantially all of the remainder of the company's patent portfolio is owned by Qualcomm Inc.. QTI and its subsidiaries have no rights to grant licenses or other rights to patents held by Qualcomm Inc.. There are no changes to the intellectual property that is currently owned by Qualcomm Innovation Center, Inc., which works closely with the open source community to accelerate the advancement of the wireless industry as a whole.
"As a market leader in mobile communications technology, Qualcomm has always been, and will continue to be, responsive to changes in market demand," said Dr. Paul E. Jacobs, chairman and CEO. "I am pleased by the seamless transition of our corporate structure for our employees and customers and look forward to the accelerated innovation and quicker delivery of our products and services to market and the increased protection of our industry-leading patent portfolio. As always, Qualcomm's unwavering commitment to pushing the boundaries of mobile through breaking down barriers to reach more, connect more and create more experiences remains strong."
Qualcomm does not expect any change to the way in which it defines its operating segments for financial reporting purposes as a result of this restructuring.
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