San Jose, CA--Tessera Technologies (Nasdaq: TSRA) has sold a significant part of its micro-optics business to FLIR Systems (Nasdaq: FLIR; Wilsonville, OR) for approximately $15 million. Referring to the micro-opticis business, based in Charlotte, NC, Tessera interim CEO Thomas Lacey, said, "This transaction is one of the substantive structural changes we announced we would make in the second half of 2013 as we continue to refine our focus on our differentiated MEMS-related technologies."
The company had said in Q4 2012 that its Micro-Optics business was no longer part of its long-term strategy, and that it was exploring strategic alternatives for this business. Tessera acquired the micro-optics business by purchasing Digital Optics for $59.5 million in July 2006. The technology was intended to become part of the development of low-cost, miniaturized imaging solutions for high-volume consumer optics applications, such as camera phones, next-generation DVD players and automotive applications. In April 2011, Tessera announced a possible Imaging & Optics group spin-off.
Related article: Tessera to buy Digital Optics
Tessera Technologies is a holding company with operating subsidiaries in two segments: Intellectual Property and DigitalOptics. The Intellectual Property segment, managed by Tessera Intellectual Property Corp., generates revenue from manufacturers and other implementers that use licensed technology. The DigitalOptics business delivers solutions in imaging systems for smartphones.