Patent litigation statistics show that lawsuits over infringement are more common than ever. Many of these suits are brought by non-practicing entities, but a large number feature heavyweight battles between large companies, especially tech firms.
Perhaps the best way to resolve patent disputes before they make it to court is to strike a licensing deal. These deals also smooth the path for complex technological products, which feature dozens or hundreds of pieces of patented technology, but also can provide revenue streams for companies that license their IP. That’s why several licensing agreements between big companies have been struck recently.
The latest such agreement is a licensing deal between Google and LG. The deal is a “global patent license agreement” covering a “broad range of products and technologies,” according to a joint press release. The cross-licensing deal covers existing technology as well as patents that will be filed in the next 10 years.
“We’re pleased to enter into this agreement with a leading global technology company like LG,” said Allen Lo, deputy general counsel for patents at Google, in the release. “By working together on cross-licenses like this, companies can focus on bringing great products and services to consumers around the world.”
The agreement extends the cordial relationship between the Silicon Valley company and the South Korean tech firm. “LG values its relationship with Google, and this agreement underscores both companies’ commitment to developing new products and technologies that enhance consumers’ lives,” said J.H. Lee, executive vice president and head of the LG Electronics Intellectual Property Center in the release.