OpenWave to Sell Mediation and Messaging Businesses, Rename Company

Redwood City, Calif. -- Openwave Systems, the Redwood City-based developer of mobile technology, said on Monday it will sell its Mediation and Messaging product businesses to Los Angeles-based private equity firm Marlin Equity Partners. Financial terms of the deal, expected to close later this month, were not disclosed. Marlin plans to rename the acquired businesses Openwave Mobility (formerly Mediation) and Openwave Messaging. The businesses will be managed by their current divisional management teams. Openwave's remaining business will be renamed Unwired Planet, focusing on intellectual property. It will remain a publicly traded company. The agreement "represents a major milestone in the implementation of the corporate strategy we began last October," said CEO Mike Mulica. "As we complete the sale of our product businesses, we will continue to focus on a multi-pronged strategy to realize the value of our unique patent portfolio."
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