Rockstar, an intellectual property licensing company backed by Apple (NASDAQ:AAPL), has sold part of its patent portfolio to Spherix (NASDAQ:SPEX), reports Bloomberg. Like the Apple-backed Rockstar, Spherix is a by non-practicing entity that derives its revenue by licensing its patents or by seeking compensation for patent infringement through the courts.
According to a filing seen by Bloomberg, Spherix issued $60 million in stock in order to obtain 101 of Rockstar’s patents. The patents include a variety of technologies, including “access, switching, routing, optical, and voice communication network devices,” reports Bloomberg.
As previously reported, Apple-backed Rockstar began negotiations to sell some of its patents last month. According to Bloomberg’s sources, Rockstar has been unable to secure any significant licensing deals for its patents and has been trying to recoup some of its costs by selling certain patents. Spherix previously purchased a group of mobile communications patents from Rockstar in July of 2013.