Intrinsyc has a long-term relationship with Qualcomm and has developed numerous products based on Qualcomm processors.
Intrinsyc said that it has acquired a royalty-bearing patent license which enables them to develop, manufacture and sell embedded modules for use in wearables and Internet of Things (IoT) devices.
The company said that the first product under development thanks to the partnership is the Open Q 2500 M1 System on Module (SOM), which is designed for use in wearables and tracking applications.
It was also announced that the SOM currently being developed will be powered by the Qualcomm Snapdragon 2500 platform and will feature an integrated LTE modem.
“We are excited to expand on our relationship with Qualcomm to develop innovative modules that will enable our clients to create intelligent connected IoT products,” Tracy Rees, CEO of Intrinsyc Technologies said in the press release. “With this agreement we will be able to expand our product lineup to include modules that incorporate the industry’s leading cellular technology from Qualcomm.”
Further, It was noted that Intrinsyc has the license to develop, manufacture and sell embedded modules for use in terminals that includes IoT devices, telematics and Machine to Machine (M2M) communications but not on telephones and tablets.
Headquartered in Vancouver, Intrinsyc is a provider of hardware, software production services with focus on IoT products which ranges from drones & robotics to wearables and augmented/virtual reality solutions.
The company has a long term relationship with Qualcomm and has developed numerous SOM products based on Qualcomm processors.
In June, it was announced that Intrinsyc would be offering an SOM and development kit for the Snapdragon Wear 2500 platform.
“We are pleased to sign a licensing agreement that expands on our long-standing relationship and enables Intrinsyc to create a broadened set of solutions for the Internet of Things and telematics markets,” John Han, SVP of Qualcomm Technology Licensing said in the release.
Following the announcement on Saturday, Intrinsyc closed the trading session on Tuesday (August 7) at C$1.73. The stock was up 4.85 percent and had a trading volume of over 20,000 shares in the day.
TradingView gives a “Strong Buy” ranking for Intrinsyc with 16 verticals in favor, nine in neutral and one against.
Meanwhile, shares of Qualcomm were down 0.41 percent over the two day trading period and closed the session on Tuesday at US$65.44. The stock has a “Moderate Buy” ranking on TipRanks with an analyst target price of US$68.36, with a high estimate of US$81 and a low estimate of US$55. On TradingView, the stock has a “Buy” ranking with 16 verticals in favor, six in neutral and four against.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.