Nokia, which is not in the best of health these days, just reached a settlement with Apple on its patent infringement lawsuit, which should help its bottom line.
It just announced that it has reached a patent license agreement with Apple which will settle all patent litigation between the two companies.
Under the agreement, Apple will make a one time payment to Nokia, followed by on-going royalties for the term of the agreement.
“We are very pleased to have Apple join the growing number of Nokia licensees,” said Stephen Elop, president and chief executive officer of Nokia. “This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.”
Nokia has a huge patent portfolio and has always led in research related to mobile phone technology. Its massive patent portfolio has enabled it to fight off any mobile patent related lawsuit with counter-lawsuits, since its patented technology is used in almost every phone now.
Here’s the complete press release by Nokia about the settlement with Apple.