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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "notes": "The slide highlights the discrepancy between the large market opportunity and the lack of revenue generated by Invensas to date.",
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      "text": "Across all the relevant markets, we estimate a licensing opportunity in excess of $400 million with a potential current annual run-rate of between $35-$40 million and growing based on applicable device shipments and technology adoption(2).",
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      "text": "Across all the relevant markets, we estimate a licensing opportunity in excess of $400 million with a potential current annual run-rate of between $35-$40 million and growing based on applicable device shipments and technology adoption.",
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      "text": "2012 Market Size by Device Type",
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      "text": "Portfolio is largely unencumbered as Tessera has only announced one licensing agreement (SK Hynix in January 2013) and filed only one patent infringement lawsuit (Renesas Electronics in May 2011).",
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      "text": "Invensas has generated no reported revenue to-date despite having been created over 2 years ago and having made substantial investments in R&D and patent acquisitions.",
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      "text": "licensing opportunity: $400 million",
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      "text": "Estimates assume no existing encumbrances and a 1.0% royalty rate applied to applicable royalty base.",
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      "kind": "paragraph",
      "text": "The patents are applicable to several large technology markets(1), including:",
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      "text": "(1) Market size data based on Gartner Research. (2) IPNav estimates based on internal research.",
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