Malibu Boats (NASDAQ: MBUU) announced Friday that it has licensed its wakesurfing patent portfolio to Tige Boats. Tige will use its license to continue equipping its product line with its existing wakesurf offerings, but will not be offering Surf Gate or the Surf Gate brand.
"We are pleased that Tige has recognized the strength of our intellectual property and agreed to sign a license and forego potential litigation," said Malibu Boats CEO Jack Springer. "Respecting intellectual property rights helps encourage strong innovation in our segment and helps grow watersports for all of our loyal customers.
"I want to commend Tige for acting honorably and quickly, once we contacted them, to acknowledge the breadth and value of Malibu's extensive intellectual property for wake surfing. This allows both of our companies to focus on delivering boats and innovations to our customers,” he added.
The license with Tige represents the third marine company to agree to license Malibu's surf related intellectual property. Correct Craft and Chaparral Boats were the two previous marine companies who have taken a license for Malibu's wakesurfing IP portfolio.