Effective June 1, 2020, Xperi and TiVo completed the previously announced merger of equals transaction contemplated by the Agreement and Plan of Merger and Reorganization, dated as of December 18, 2019, as amended on January 31, 2020, (the “ Merger Agreement”), by and among Xperi, TiVo, Xperi Holding, XRAY Merger Sub Corporation (“ Xperi Merger Sub”) and TWOLF Merger Sub Corporation (“ TiVo Merger Sub”). Pursuant to the Merger Agreement, (i) Xperi Merger Sub was merged with and into Xperi, with Xperi surviving the merger as a subsidiary of Xperi Holding (the “ Xperi Merger”) and (ii) TiVo Merger Sub was merged with and into TiVo, with TiVo surviving the merger as a subsidiary of Xperi Holding (the “ TiVo Merger” and together with the Xperi Merger, the “ Mergers”). Upon the consummation of the Mergers, each of Xperi and TiVo became subsidiaries of Xperi Holding. Immediately following the effective time of the Xperi Merger, all members of the board of directors of Xperi were replaced by Paul Davis and Pamela Sergeeff. The executive officers of Xperi as of immediately prior to the effective time of the Xperi Merger continue to be the executive officers of Xperi.
Adeia Inc. is a research and development and intellectual property licensing company. It operates as an incubator that invests in advanced research and development to create technologies for the entertainment, media, consumer electronics and semiconductor industries. It invents, develops, acquires, and licenses fundamental innovations that enhance a range of devices and shape the way various people explore and experience entertainment across a variety of platforms. Its solutions are focused on its consumers' interaction with media, consumer electronics, and entertainment. Its IP licensing platform provides access to innovations that allow its customers, who are media, entertainment, consumer electronics, social media and semiconductor companies, to create technology solutions and products. It licenses its portfolios across markets, such as multichannel video programming distributors, over-the-top video service providers, social media companies, consumer electronics, and semiconductors.