Technology firms IBM and Samsung Electronics Co Ltd have entered into a patent deal
Technology firms IBM and Samsung Electronics Co Ltd have entered into a patent deal.
Under a patent cross-licence agreement, the two companies will licence their individual patents to each other.
IBM, an American technology and consulting multinational, and Samsung, a South Korean conglomerate, are both considered leaders in innovation, occupying the first and the second spot on the list of the most US patents in 2010, respectively.
IBM received the highest number of US patents for the 18th year running.
While the two companies will operate and innovate independently of each other, the new agreement will allow them to share each other's inventions to help keep up with the fast-changing world of technology and business.
The companies expect the deal will help them serve their customers and clients better.
Seungho Ahn, executive vice president and head of the IP Center, Samsung Electronics, said in a statement: "This licensing agreement will help both companies expedite innovation and achieve business growth by providing each company access to the other's patents for basic technologies."
Copyright: Press Association