Openwave Systems, self-styled “inventor of the mobile internet”, is selling its Mediation and Messaging product businesses to Marlin Equity Partners. Following the sale, the businesses will be renamed Openwave Mobility and Openwave Messaging respectively, with the businesses managed by the incumbent divisional management teams.

Openwave’s remaining entity will be renamed Unwired Planet, and will focus on Intellectual Property, a.k.a. patents. It will remain a publicly traded company.

Openwave’s patent portfolio is comprised of approximately 200 issued US and foreign patents and another approximately 75 pending applications, many of which, the company says, are considered foundational to mobile communications. Openwave says it intends to provide further details on its plans for Unwired Planet in conjunction with the closing of the transaction.

“Our agreement with Marlin Equity to sell our Mediation and Messaging product businesses represents a major milestone in the implementation of the corporate strategy we began last October,” says Openwave CEO, Mike Mulica. “We believe this transaction is in the best interests of our customers, employees and shareholders.”