Xperi has completed its reorganization and begins its first day of trading Oct. 3 as an independent company on the New York Stock Exchange under the ticker “XPER.” The announcement concludes a nearly two and a half year process that started when the company announced in 2020 that it would spin off its IP licensing division to a new company, called “Adeia.”
“We are at an exciting juncture in our journey,” said Jon Kirchner, chief executive officer. “Today we stand as an independent company with a strong balance sheet, an executive team with substantial tenure, and an exciting path to significant growth and profitability. The realization of this strategic milestone is the result of years of continuous effort.”
Xperi, which acquired TiVo in 2019 has taken recent steps to leverage TiVo OS, which it launched in August. At the time, it announced an OEM deal with Vestel, in which the European TV producer, will launch “Powered by TiVo Smart TVs” as part of a multi-year, multi-country, multi-million-unit agreement, with the first units expected to ship in 2023. Other notable Xperi entertainment technology brands include DTS, IMAX Enhanced and HD Radio.
Jon Kirchner, Xperi’s chief executive officer, stated, “Our strategy is closely aligned with broad industry growth trends and creates a highly scalable revenue stream through engagement-based monetization. Our market engagement model is well positioned to drive partner adoption by allowing TV OEMs and automotive OEMs to brand the experience, retain customer ownership, and actively participate in long term revenue generation. Our strategic growth, market opportunity, and unique value proposition are demonstrated by recent high profile customer wins such as a key TV OS win with Vestel, one of the three largest global TV producers, wins with BMW and Mercedes in automotive, and numerous IPTV wins, supported by a strong pipeline across our portfolio.”
Each stockholder of record of the Company’s predecessor (now known as “Adeia”), as of close of business on Wednesday, September 21, 2022, received a distribution of four shares of Xperi Common Stock for every ten shares of common stock of Adeia.
