It looks like Nokia and Apple have managed to settle their differences as the Nokia V Apple patent dispute is now officially over. The two companies managed to settle out of court by hammering out a new licensing deal, a surprising move given how often these cases can drag on.
The two companies announced earlier today that going forward, Nokia would receive ongoing revenue from Apple starting from this quarter. Nokia is also set to get a lump of cash upfront, though exact figures were not disclosed.
As Reuters reports, Nokia’s shares took a hit back in December when the company first announced that it would be going after Apple in court. Fortunately in this instance, it seems that a solution was found quicker than anyone predicted.
“We are pleased with this resolution of our dispute and we look forward to expanding our business relationship with Nokia,” Apple Chief Operating Officer Jeff Williams said in a joint statement from the companies.
KitGuru Says: Nokia and Apple have managed to go back to being business partners, rather than rivals in the court room, which is refreshing to see. Usually these patent disputes drag on for years and it often feels like we never hear the end of it.