Visual Sciences, Inc settles patent litigation with NetRatings
Provider of real-time analytics applications Visual Sciences, Inc. (Nasdaq: VSCN) reported this morning that it has settled its patent litigation with
provider of Internet audience measurement and analysis NetRatings, Inc.
Visual Sciences and NetRatings, which first filed lawsuits against each other in February 2006, said they have exchanged non-exclusive worldwide licenses to certain patent and patent applications owned by each other.
Under the terms of the settlement, Visual Sciences said it has agreed to pay NetRatings $9.0 million, of which $2.0 million is due upon execution of the settlement and patent license agreement. The company said the remaining $7.0 million will be paid in quarterly installments of $0.5 million beginning March 31, 2008.
In addition, in connection with a change in control of Visual Sciences, an additional payment of $2.25 million would be payable to NetRatings and $2.0 million of the $7.0 million in ongoing payments would be accelerated.
Shares of Visual Sciences were halted in pre-market trading.
