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What: Shares of miniaturization specialist Tessera Technologies (Nasdaq: TSRA) are looking much larger today, up by as much as 27%, after the company announced that Korean conglomerate Samsung has renewed its license agreement.

So what: The original license agreement between the two dated back to Jan. 1, 2005, and included a renewal option, which Samsung has now opted to exercise. The term of the license has now been extended all the way to May 17, 2017.

Now what: Tessera CEO Robert Young expressed that he is thoroughly pleased to extend the long-term relationship between the companies. The terms of the agreement grant Sammy a non-exclusive license to use Tessera's compliant chip technology, and Samsung will enjoy a reduced royalty rate on the extension. Samsung is a huge player in the world of consumer electronics, and its licensing agreements can help keep some smaller players afloat, such as another recent renewal with Universal Display (Nasdaq: PANL).

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Motley Fool newsletter services have recommended buying shares of Universal Display. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.