STOCKHOLM (BRAIN) — MIPS has agreed to purchase the GlideWear brand and patent rights associated with the GlideWear technology from Tamarack Habilitation Technologies, Inc. for about $1 million.
GlideWear technology is a two-layer, low-friction fabric that primarily has been used in medical applications to protect the skin from friction and shear. MIPS has used the technology in some of its helmet technology since its inception. As a part of the transaction, Tamarack retains a royalty free license for eight years to continue to use the technology for its existing medical applications.
"We are pleased with the acquisition of the GlideWear technology and the access to materials that will enhance our product portfolio. We started the development work with Tamarack some years ago and quickly realized the value of having the GlideWear technology in our product portfolio" said Max Strandwitz, the CEO of MIPS.
Tamarack is a privately owned company based in Minnesota.
MIPS announced last month that it has agreed to acquire Fluid Inside, which makes fluid-filled helmet pads.
MIPS is publicly traded on the Nasdaq Stockholm stock exchange. In 2014. BRG, the then-owner of Bell Sports and Giro, made an investment in MIPS. When Vista Outdoor acquired BRG in 2016, it did not acquire the share in MIPS from BRG. That share was still owned by an independent company called Bell Technology Acquisition LLC, a Vista spokesman told BRAIN last year. BTA owns about 7.1% of MIPS stock.
