Element Labs In Cross Licensing Agreement

Austin, Texas-based Element Labs, a manufacturer of LED systems for theatrical, touring, and other entertainment applications, is in a new cross licensing deal with Boston-based Color Kinetics. Element and Color Kinetics said that Element Labs will acquire access to Color Kinetics' complete portfolio. According to the firms, Element Labs will pay royalty on sales of product that apply Color Kinetics' proprietary control measures, and Element Labs will grant Color Kinetics licenses to certain patents owned or controlled by the firm. Financial details of the deal were not disclosed.