Micro Focus International (LON: MCRO, NYSE: MFGP) said on Friday that it has now reached a settlement with Wapp regarding their claim against the company.
At the start of July, Micro Focus announced that Wapp brought a claim against them, arguing they had infringed three patents connected with Micro Focus's manufacture and sale of certain products in the ADM product line, including LoadRunner and Performance Center.
The two companies have now reached a settlement, with Micro Focus agreeing to pay Wapp $67.5m for “complete resolution of the dispute without admission of liability.”
Micro Focus said it was “in the best interests of the Company that a settlement should be reached.”
As part of the resolution, the London and New York-listed company has been granted a “fully paid-up, worldwide, irrevocable licence for the patents asserted by Wapp for current and future Micro Focus products and services, covering the company as well as its customers. ”
Micro Focus shares are currently trading 0.71% above Thursday's close at 409.9p.
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