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Qualcomm Buys Overseas Company’s Assets; Profits Increase

Qualcomm Inc., the world’s biggest maker of chips for cellphones, said Nov. 8 that it acquired the technology assets of HaloIPT, a provider of wireless charging technology for electric cars.

Qualcomm said it has been investing in wireless power for several years and that the HaloIPT transaction will strengthen its patent portfolio. Terms of the deal were not disclosed.

The acquired business was the outgrowth of some 20 years of development at the University of Auckland in New Zealand. In a relatively short time, the company established itself as a leading developer in wireless electric road vehicle charging, according to a press statement.

All members of HaloIPT’s team have joined Qualcomm’s European Innovation development group based in the United Kingdom, according to the release.

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In addition to the deal, Qualcomm and Auckland UniServices, the commercialization company of the University of Auckland, committed to a long-term research and development agreement to promote continued innovation in the field of wireless charging electric vehicles through inductive power transfer, Qualcomm said.

On Nov. 2, Qualcomm reported fiscal 2011 fourth-quarter net income of $1 billion on revenue of $4.12 billion, beating Wall Street forecasts.

For the full fiscal year ended Sept. 25, Qualcomm reported net income of $4.26 billion on sales of $14.96 billion. That compared with net income of $3.24 billion on revenue of $10.9 billion in the 2010 fiscal year.

Qualcomm said it is benefiting from a worldwide adoption of smartphones and third generation wireless technologies that come with such devices, particularly in emerging regions.

The company that gets most of its revenue through the licensing of its patented wireless technology included in most smartphones said that while the last fiscal year was a good one, the current fiscal year should be even better.

Qualcomm forecast 2012 annual revenue will finish in a range of $18 billion to $19 billion, an increase of 20 percent to 27 percent from last fiscal year. Diluted net profit per share was forecast at $2.80 to $3, up from the $2.52 per share profit in 2011.

Those earnings were up 29 percent from the prior fiscal year.

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