MIPS entered into an acquisition agreement for assets that further enhances MIPS' product offering and safety solutions. The acquisition comprises the brand FLUID and related patent rights associated with a technology that addresses both linear and rotational motions to improve helmet protection. The acquired technology has been developed through a collaboration between Oblique Technology L.P. and the University of Ottawa in Canada, which are also the sellers in the transaction. The technology has so far been primarily integrated in helmets used in team sports. The acquisition also includes a limited number of customer agreements. The purchase price amounts to approximately USD 3.3 million payable in cash. In addition, an earn-out of a maximum of USD 2 million may become payable based on future net revenues from the acquired rights. The closing took place in immediate connection with the signing of the agreement.
Mips AB is a Sweden-based company, which specializes in helmet safety and brain protection. The Company offers its MIPS Brain Protection System (BPS) that implies solutions protecting against rotational motion transferred to the brain from angled impacts to the head. BPS is designed to add protection in helmets due to the low friction layer, which enables a relative movement between the head and the helmet, mimicking the brainâs own protection system. The technology implements into bicycle, snow, motorcycle and equestrian helmets. More than 40 helmet brands use BPS, including Bell, Fox Head, Giro, Scott, Smith and Trek, among others. The Company determines only one segment as operations solely comprise sales of the component kit included in consumer products.
MIPS AB 
