Sasken settles dispute

Bengaluru, India, March 14, 2016: Sasken Communication Technologies Limited ('Sasken'), having its registered office in Bangalore, India, announced today that it has reached a settlement in an ongoing matter pertaining to the unauthorized use of Sasken's Protocol Stack IP, by a Chinese Semiconductor vendor. This settlement brings to an end, the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements.

The licensee will pay Sasken USD 45 million as damages/ compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalized in the next few days.

Mr. Rajiv Mody, Chairman, Managing Director & CEO Sasken, said, 'This award comes as a resounding validation of Sasken being the industry leader in a host of mobility and digital technologies. In just over two decades we have successfully transitioned from being a pioneer in the product engineering space to a company that is admired and respected for its ability to provide world-class solutions to marquee customers in the wireless communication and physical to digital space.'

'This award reaffirms our ability to create, deliver and appropriate value for all our stakeholders. Our abiding commitment to uphold our core values and our faith in the alternate dispute resolution methods has always come in good stead' said Neeta Revankar, Whole-time Director and CFO.

About Sasken

Sasken is a leader in providing Engineering R&D and Productized IT services to global tier 1 customers in the Communications & Devices, Retail, Insurance and Independent Software space. Sasken's deep domain knowledge and comprehensive suite of services have helped global leaders in verticals such as Semiconductors, Consumer Electronics, Smart Devices, Automotive Electronics, Enterprises and Network Equipment maintain market leadership. In the Retail, Insurance and Independent Software Vendor verticals, Sasken enables customers to rapidly re-architect their suite of IT Application and Infrastructure.

Media Contact:
Swami Krishnan
 Vice President
E: pr@sasken.com/investor@sasken.com
T: +91 80 6694 3000

Sasken Communication Technologies Limited issued this content on 14 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 March 2016 05:48:41 UTC

Original Document: http://newsroom.sasken.com/?p=3513