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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "presentationDate": "2013-04-30 00:00:00",
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      "kind": "callout",
      "text": "Tessera must take immediate action to reverse years of declining revenues in its IP business.",
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      "text": "Over the next three years Tessera Inc., Invensas, and Digital Optics have a combined 207 patents expiring, of which 85% have QScores above 70. Tessera Inc. has been plagued with unpaid royalties and non-renewals of licenses. Despite the fact that nearly two-thirds of its patents reside in Invensas and Digital Optics, Tessera has reported no revenues in Invensas and revenues in Digital Optics have been declining rapidly. We believe Tessera needs to take action now to reinvigorate its licensing activities in order to gain maximum value from all of its portfolios. For near-to-expire patents that are determined not to be critical to its own licensing efforts, Tessera should act quickly to determine other monetization avenues – most likely through outright sale of the assets or outsourced licensing efforts with a third-party monetization company.",
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      "text": "Source: SEC Filings, IPnav internal estimates.",
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      "text": "Action #2: Reinvigorate Licensing Activities",
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