World’s two leading mobile phone manufacturers sign patent license

According to the Press Release by Apple, Nokia and Apple recently announced that they have settled the entire dispute related to their intellectual property. The companies have agreed to sign a multi-year patent license.
The collaboration agreement clearly states that Apple will benefit with certain network infrastructure products and services from the Finland’s mobile manufacturing company, Nokia. It informs that the digital health products of Nokia will be resumed again with the deal and Apple will be selling them through their retail and online stores. It is indicated that both the tech giants are exploring the future collaboration in the digital health sectors. Communication service companies informed that regular meetings and summits are going to be held only to make sure that the alliance is effective and beneficial to both the parties and their individual customers.
The person behind Nokia’s patent licensing business, the Chief Legal officer of Nokia, Maria Varsellona mentioned that the agreement between these two tech giants is quite meaningful. She further states as “It moves our relationship with Apple from being adversaries in court to business partners working for the benefit of our customers.”
The deal seems to be quite progressive for the iPhone maker too as the Chief Operating Officer of Apple, Jeff Williams commented on the deal and said, “We are pleased with this resolution of our dispute and we look forward to expanding our business relationship with Nokia.” Nokia’s Optical Networks Business President said that the agreement will strengthen their collaboration and they are looking forward to supporting Apple.
Though the agreement details are confidential, yet it is mentioned that the Finland’s communication company will get up-front cash payment from the iPhone maker. It also says that during the term of the agreement, Nokia will also receive additional revenues from Apple. This agreement is expected to create effects on the revenue pattern of both the companies.