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Nvidia, Intellectual Ventures Jointly Buy IPWireless Patents

May 14 (Bloomberg) -- Nvidia Corp., a maker of graphics processors, has teamed up with Intellectual Ventures to jointly acquire about 500 patents from IPWireless.

The portfolio covers patents for technology known as long-term evolution, or LTE, as well as for 3G and 4G networks, Santa Clara, California-based Nvidia and Intellectual Ventures, based in Bellevue, Washington, said in a statement today. Terms weren’t disclosed.

Nvidia is trying to branch out into microprocessors for phones, lessening its reliance on personal computers. The company gets most of its revenue from chips used to create high-end graphics in desktop and notebook computers. Nvidia’s Tegra processor for mobile devices is designed to compete with products from Qualcomm Inc. and Texas Instruments Inc.

“This acquisition complements our ownership of extensive fundamental patents in graphics, visual and mobile computing,” said David Shannon, executive vice president and general counsel at Nvidia, in the statement.

Ownership of the patents was split between Nvidia and Intellectual Ventures, with Nvidia licensing rights to the patents it didn’t acquire. IPWireless retains royalty-free access to the patents.

Nvidia’s shares fell 1.7 percent to $12.99 at 9:41 a.m. in New York. The stock had dropped 4.7 percent this year before today.

To contact the reporter on this story: Lisa Rapaport in New York at lrapaport1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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