Cisco Systems, Inc. (CSCO) and South Korea's Samsung Electronics Co., Ltd. said Wednesday that they have entered into a patent cross-license agreement, effective immediately.
Both companies gain access to each other's industry-leading patent portfolios under the agreement, which covers a broad range of products and technologies. The mutually beneficial agreement covers the two companies' existing patents as well as those filed over the next 10 years.
This type of patent agreement reduces the risk of potential litigation and instead puts the focus on innovation for future products and services, the companies noted.
"Innovation is stifled all too often in today's overly-litigious environment," said Dan Lang, Cisco's Vice President of Intellectual Property. "By cross-licensing our patent portfolios, Cisco and Samsung are taking important steps to reverse the trend and advance innovation and freedom of operation."
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