Immersion Announces Multi-Year Licensing Agreement With Nippon Seiki

09:55 11/26/2017

Immersion Corp. IMMR , a leading developer and licensor of touch feedback technology, announced it has signed a multi-year license agreement with Japan’s Nippon Seiki Co., Ltd.

Nippon Seiki, a global supplier of control panels for home, office and factory appliances, will license Immersion’s technology for its line of printer and copier products.

With Immersion’s haptics, Nippon Seiki will enhance its human-interface technology with high-quality tactile effects and feedback, appealing to users’ sense of touch and creating a more intuitive interface for the operator.

“Touch is one of the most fundamental ways we connect with the physical world, and we envision a world in which virtual experiences are indistinguishable from physical life,” said Nobumitsu Shimada, Immersion's Representative Director and Country Manager, Japan. “We look forward to working with Nippon Seiki to add haptics to the interfaces of its control panels and providing its customers with enhanced digital experiences.”

IMMR  also recently reported its third quarter 2017 financial results ending on September 30th, 2017.

Total revenues for the third quarter of 2017 were $11.9 million. This compares to total revenues of $26.3 million for the third quarter of 2016, which included a one-time license fee from Samsung of $19.0 million.

Net loss for the third quarter of 2017 was $(5.3) million, or $(0.18) per share. This compares to net income of $7.0 million, or $0.24 per share, for the third quarter of 2016.

As of September 30, 2017, Immersion’s cash, cash equivalents and short term investments were $48.1 million, down from $89.8 million as of December 31, 2016.

Chief Executive Officer Vic Viegas of Immersion said, “We continue to make positive progress in furthering the value and adoption of haptics across a growing number of markets, as we added, renewed or expanded numerous licensing engagements during our third quarter of 2017. This is further evidence of the value of our technology, our resolute focus on the execution of our strategy and achievement of our operational objectives even as we aggressively pursue the protection of our intellectual property.”

“We are updating our outlook for revenues for the year to be in the range of $33 to $35 million. This update narrows the range and increases the upper end of our previous revenue guidance. Based on this forecast, we expect to generate improved annual bottom line results of a non-GAAP net loss between $(24) million and $(29) million,” concluded Mr. Viegas.

Recently, IMMR  Licensed Tencent to use Immersion’s TouchSense technology to deliver next-generation interactive experiences to its mobile QQ and NOW applications. Additionally, Tencent has also licensed Immersion technology to incorporate haptics into its Super NBA game.

In addition, IMMR  expanded a license agreement with LG Electronics, Inc., one of the world's largest providers of mobile devices, for use of Immersion's TouchSense technology for high-definition haptics in LG Electronics' premier mobile phones including the LG V30, its next flagship smartphone.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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