Malibu Boats said today that it licensed its wakesurfing patent portfolio to Tige Boats.
Malibu said Tige will use its license to continue equipping its product line with its existing wakesurf offerings, but will not offer 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 forgo potential litigation," Malibu Boats CEO Jack Springer said in a statement. "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 wakesurfing,” Springer said. “This allows both of our companies to focus on delivering boats and innovations to our customers."
The license with Tige represents the third marine company to agree to license Malibu's surf-related intellectual property. Correct Craft and Chaparral Boats have taken a license for Malibu's wakesurfing IP portfolio.