Tessera Technologies has announced its Tessera, Inc. subsidiary has reached a settlement with Freescale Semiconductor, Inc. ("Freescale"). In exchange for being released from the litigation, Freescale will make a payment to Tessera, Inc. "We are pleased to have settled this matter with Freescale," said Jim MacDonald, executive vice president, intellectual property and business development, Tessera Intellectual Property Corp. "We believe this settlement reflects well on the strength of our intellectual property, as well as our commitment to protecting our innovations and intellectual property." The companies have not disclosed the full terms and conditions of the settlement agreement. Tessera, Inc. agreed to dismiss its claims against Freescale relating to Tessera, Inc.'s patent infringement action pending in the United States District Court, Northern District of California. The Company is making no adjustment to its third quarter of 2013 financial guidance given on July 31, 2013.