Nokia and Apple bury the hatchet, agree to new cooperation

, ,

Nokia and Apple have been battling it out in court over certain patents owned by Nokia but that has come to an end. Both companies have buried the hatchet and ended the litigation agreeing to a multi-year patent license.

“This is a meaningful agreement between Nokia and Apple,” said Maria Varsellona, Chief Legal Officer at Nokia, responsible for Nokia’s patent licensing business. “It moves our relationship with Apple from being adversaries in court to business partners working for the benefit of our customers.”

The agreement sees Nokia providing certain network infrastructure product and services to Apple and Apple is restocking Withings products on its shelves.

“We are pleased with this resolution of our dispute and we look forward to expanding our business relationship with Nokia,” said Jeff Williams, Apple’s chief operating officer.
“This agreement will strengthen our collaboration,” said Basil Alwan, President of Nokia’s IP/Optical Networks business. “We look forward to supporting Apple.”

The entire agreement is confidential and Apple is only releasing bits and pieces of what we can expect from it.

The value of the agreement will be reflected partially as patent licensing net sales in Nokia Technologies and partially as net sales in other Nokia business groups. Nokia will follow its existing practices for disclosing patent licensing revenue in its quarterly announcements and expects that revenues for the agreement will start to be recognized in the second quarter of 2017, including an element of non-recurring catch-up revenue.

Due to the up-front cash payment from Apple, Nokia intends to provide a comprehensive update of its capital structure optimization program in conjunction with its third quarter 2017 results.

Now that Apple has settled this case, they can move on to the others they’re currently fighting in court. It seems the court has a special revolving door for large tech companies such as Apple so don’t be surprised if something new comes up. You can read Apple’s full press release on this matter at the link below.

What do you think of this story? Let us know in the comments below or on Google+, Twitter, or Facebook.

[button link=”” icon=”fa-external-link” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: Apple[/button]

Google attempts to dismiss their ongoing gender discrimination suit, fails

Red Dead Redemption 2 delayed until Spring 2018


Latest Articles

Share via
Copy link
Powered by Social Snap