NEW YORK ( TheStreet) -- Investors in Immersion have enjoyed the magic touch of late with shares of the touch-technology provider up over 45% in the past 3 months. Immersion (IMMR - Get Report) CEO Victor Viegas said the hot streak in so-called "haptics" is just getting started.
"Technology adoption is accelerating and as we move into this digital world we lose our sense of touch. Immersion is focused on allowing you to reach in and feel that digital world," said Viegas. "And as a result we've had a lot of accelerating business interests, new agreements struck that generate significant revenue from licensing our IP, our technology and solutions, so it's a good time for Immersion." mersion
Immersion's technologies are now in 3 billion devices worldwide including smartphones, tablets, gaming consoles, smartwatches, cars and medical equipment. Mobile phone manufacturers that have adopted Immersion's technology include Samsung, LG (LG), Xiaomi,Huawei, Motorola (MSI), Meizu and HTC, which settled a long-running patent infringement suit Immersion for undisclosed sum in March.
"The importance of that particular activity was around showing the importance of Immersion's technology and the strength of our intellectual property," said Viegas. "The settlement resulted in a nice outcome for Immersion not only financially but in the recognition of Immersion as innovators and the holders of a significant number of patents."
Despite worries over Chinese intellectual property theft, Viegas said he remained optimistic about the company's growth in China, reiterating positive comments he made when the company reported first quarter earnings in April. Total revenues for the first quarter of 2015 were $16.3 million, an increase of 6% compared to $15.4 million for the first quarter of 2014.
"In China they want to be competitive on the world's stage. They want to offer a solution that's acceptable and very positive for their product lines," said Viegas. "They want to be on the leading edge and Immersion is out there on the leading edge with haptics. We are finding that they are more engaged than ever before. They need our help and we are interested in helping them."
As for the future, Viegas said wearables will be a massive market for haptics going forward.
"The wearable market for us is going to be very big, it's how we are going to operate in augmented reality, virtual reality and a number of new areas in the internet of things."
By Gregg Greenberg
Source: http://www.thestreet.com/story/13181137/1/touch-technology-providers-shares-on-the-rise.html
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