Chandler, AZ - August 12, 2019 - Everspin Technologies, Inc., (NASDAQ: MRAM), the world's leading developer and manufacturer of Magnetoresistive RAM (MRAM) persistent memory solutions, announced an IP cross-licensing agreement with Seagate Technology (NASDAQ: STX),  a world leader in data storage solutions. Both companies hold an extensive portfolio of IP that is further strengthened by this agreement including the assignment and licensing of MRAM patents from Seagate to Everspin as well as licensing of specific Tunneling Magnetoresistance (TMR) patents from Everspin to Seagate.

Under the terms of the license agreement, both companies receive substantial benefit. The patents involved in the assignment and licensing span many years of research and development and include patents from the US, Japan, China, and Republic of Korea. Everspin gains license to additional patents regarding MRAM technology to add to its IP portfolio while Seagate gains license to TMR IP for its use in HDD read/write head technology.

"IP is the life blood of the semiconductor and memory industry, providing critical intellectual and research and development protection for our products and services," said Angelo Ugge, Everspin Vice President of Business Development. "This agreement clearly demonstrates that our patent portfolio is delivering significant value to Everspin as well as storage industry leaders like Seagate."