BlackBerry's mobile phone business has reached its lowest point again. This Canadian technology company has just sold its patent portfolio worth USD 600 million.
BlackBerry said the patents being sold included patents for cell phones, messaging and wireless networks. These are patents relating to BlackBerry phones, QWERTY keyboards, and the BlackBerry Messenger (BBM) service.
Patents related to BlackBerry's current core business, which consists of cybersecurity services and automotive software, are not included in the transaction.
This patent was sold to a new company called Catapult IP Innovations. The company, based in Delaware, United States, was formed specifically to hold BlackBerry patents.
Based on BlackBerry's official statement, the USD 600 million issued by Catapult consists of USD 450 million which will be paid in cash and USD 150 million in promissory notes with the first payment in the next three years, as quoted from ArsTechnica, Wednesday (2/2). /2022).
As part of this agreement, BlackBerry will retain the license to use the patents. BlackBerry also guarantees that this deal will not affect customers who use the phone and its services.
BlackBerry is known as a company that often uses its patents to thwart other companies. In 2018, they used BBM's patents to sue Facebook, Instagram, and WhatsApp.
BlackBerry recently also discontinued support for the BlackBerry OS operating system that powers many of its older phones. Last year, OnwardMobility planned to launch a BlackBerry-branded phone, but this plan was pushed back to 2022.