Google to pay NIS 17m for modu's patents

Modular mobile phone developer modu raised $125 million before it went into liquidation.

Google Inc. (Nasdaq: GOOG) has bought the patents of failed Israel modular mobile phone start-up modu for NIS 17 million, modu receiver Adv. Hanit Nov notified the Tel Aviv District Court today.

modu, founded by Dov Moran, raised $125 million before it went into liquidation when debts and losses overwhelmed it. The company's employees petitioned the court to liquidate it. The sale of the more than 100 patents, obtained during the company's three years in operation, is part of this process.

modu owes its creditors, including banks, tens of millions of shekels, and its cumulative losses were NIS 450 million.

Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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