Xperi is on track to separate into two companies this fall.
The technology company had said earlier that it plans to split its product and licensing businesses into two publicly traded entities. Now, it has reiterated that timeframe in releasing its financial results for the second quarter.
Its brands include DTS, IMAX Enhanced, TiVo and Perceive. The firm is familiar in radio as the owner of HD Radio and DTS AutoStage technologies.
The new IP licensing company will be called Adeia; Xperi recently appointed Paul Davis as president and Keith Jones as CFO of that entity.
In the quarter, Xperi reported revenue of $234 million, up 5% from the same period a year earlier. IP licensing was $107.8 million of that and product revenue was $126.2 million.
Highlighting recent developments, CEO Jon Kirchner said, “During the quarter, we signed key license agreements in our IP business and appointed Paul Davis as president of Adeia. In our Product business, we saw accelerating engagement and design wins in automotive, signed our first TV customer for TiVo OS, and further advanced our TV OS market position with the acquisition of Vewd,” which he said gives Xperi access to an installed footprint of 15 million devices.
