Peerless Systems To Sell IP To Kyocera Mita

El Segundo-based Peerless Systems, which develops technology for the printing and imaging market, said Thursday that it is in a definitive agreement to sell substantially all of its intellectual property and other assets to Kyocera Mita Corporation. The deal is worth $37M in cash. According to Peerless, the deal covers IP and assets related to its digital imaging software. Kyocera Mita Corporation is firm's primary customer for that technology. Peerless said that Kyocera Mita will provide a non-exclusive, worldwide, perpetual, and royalty-free license to the technology it is selling to the firm, and will also sublease a portion of its El Segundo facilities. The deal is subject to the transfer of at least 30 Peerless employees involved in the development of Kyocera Mita products.