![]() ![]() Technology shall also include TCC derivatives, modifications, or improvements thereof made by Tessera during the term of this Agreement (excluding Batch (excluding Batch Technology as defined herein) owned by Tessera as of the Effective Date. The term “Technology” means Tessera Patents, copyrights, and know-how relating to design, manufacture, and assembly of TCC packages ![]() IC die, with permanent flexible electrical connections between at least one of said contacts and a corresponding bond pad on said IC die.ī. Generally, a TCC package has substantially coplanar bump or solder ball contacts disposed in a grid array pattern and comprises a thin compliant multi-layer structure for connection to an Made under certain issued Tessera Patents licensed hereunder. The term “TCC” is an acronym for Tessera Compliant Chip, a type of integrated circuit (“IC”) package WHEREAS, Licensee wishes to use the Technology including Tessera’s intellectual property rights to manufacture andĪssemble said TCC and Related IC Packages that contain IC chips made by or for Licensee and to sell same in accordance with the terms hereof.Īs used herein, the following terms shall have the following meaning:Ī. Manufacture TCC packages or related IC packages, collectively (the “Technology”) (each of the foregoing capitalized terms is more particularly described herein) and WHEREAS, Tessera owns certain semiconductor integrated circuit (“IC”) packaging technology it calls TCC technologyĪlong with related IC tape mounting technology, where said technologies include manufacturing processes, package device designs and specifications, including design rules and certain other proprietary information and technology required to Xxxxxxx Xxxxx, Xxx Xxxx, XX 00000 (“Tessera”) and INTEL CORPORATION, 0000 XXXXXXX XXXXXXX XXXX., XXXXX XXXXX, XX, (“LICENSEE”) and its Affiliates and Subsidiaries with reference to the following facts: We therefore have an Underperform rating on TSRA shares, supported by a target price of $13.00 (37.1X P/E based on 2013 earnings estimate).This Agreement is entered into as of this 22nd day of October, 1996 (“Effective Date”), between TESSERA INC., a corporation organized under the laws of Delaware, having a principal place of business at 0000 Therefore, despite the significantly higher earnings power, we consider investment in the shares risky. Tessera is also in legal battles with other big customers, such as Amkor and Powertech.Īdditionally, the shares are trading at a significant premium (115.4%) to the peer group based on our estimates for 2013, while historically, the maximum premium has been just 13.5%. First, Micron, a major customer, was due to renew its license in May this year, but there is still no news that this has in fact been done. Tessera's near-term revenues are at risk. However, protection of intellectual property ( IP) for a company this small is a challenge, as are the inherent pricing pressures in the sluggish DRAM market. ![]() Its technology enables miniaturization of electronic goods, which is a driver of IC sales in the market today. ( TSRA) is a provider of back-end technology for semiconductor manufacturing. ![]()
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