Color Kinetics Incorporated (NASDAQ: CLRK) and Martin Professional, today announced that Martin will license Color Kinetics’ patent portfolio to enable its entry in the fast-growing global market for intelligent LED lighting.
Martin is a $160 million company and 20-year leader in automated entertainment lighting. Its premier MAC series of moving head lights, among others, is pervasively used to light high-profile world concert tours, television studios and theatrical performances. In recent years, Martin has also emerged as a leading provider of dynamic lighting environments for indoor and outdoor architecture. Through the agreement, Martin will have access to Color Kinetics’ worldwide patent portfolio to develop and market its first line of multicolor LED-based lighting systems, applying its years of market expertise and distribution channels to the market opportunity for LED lighting.
“This agreement marks an important relationship for Martin as we look to bring our first LED-based products to market this year and help drive adoption of this fast-emerging technology,” said Christian Engsted, president and CEO, Martin Professional. “We recognize that LEDs will prominently impact the global lighting market and believe that leveraging Color Kinetics’ developed patent portfolio will strengthen our competitive position in this new and highly anticipated market direction for Martin.”
“Martin Professional has long been an industry leader in entertainment lighting, and their decision to work with us reflects another milestone in the validation of Color Kinetics’ patent portfolio,” said Bill Sims, president and CEO, Color Kinetics. “This agreement underscores our strategy to create a universal foundation for intelligent LED lighting, in part by enabling third-party product development through licensing. We believe this will benefit the industry at large by enabling new market entrants that can further fuel adoption.”
Martin’s forthcoming line of LED-based systems is scheduled for commercial release in conjunction with the PLASA tradeshow in London this September.