The sale marks the second sell-off of a major business division this year by TI. Last January, the company announced plans to sell its notebook business to Acer in a cash transaction. Terms of that deal were not disclosed.
Under today's deal, Sterling will receive all of TI's software assets, assumption of the division's liabilities, and stock in some of its European subsidiaries.
The division, which produces enterprise-level applications software, includes Composer for component-based software development and Performer for applications development.
The deal allows TI to shed weight as it focuses on its core digital signal processing solutions market. For Sterling, the software division will round out its offering of application development software. Sterling produces tools for workflow modeling and business process reengineering.