Kronos received $3.5 million from Tessera in exchange for the transfer of select patents for micro-cooling applications, with Kronos retaining the right to use these patents for applications outside of the micro-cooling market. The two companies also have the option to continue to jointly develop new technologies in this field.

"This agreement provides a significant validation of Kronos' technical expertise, while providing Tessera with the ability to further develop and commercialize this technology for a wide range of applications," said Daniel Dwight, president and CEO of Kronos.

Bruce McWilliams, president and CEO of Tessera said, "We look forward to collaborating with Kronos to build on what we believe is the earliest and most significant IP in this space."