Twitter has acquired 900 patents from IBM and the two companies have entered into a patent cross-license agreement, reports IBM.
The transaction actually took place back in December. Financial terms were not disclosed.
IBM is the leading holder of patents in the world, with some 6,809 patents under its control, and has led the annual list of U.S. patent recipients for 21 years.
“We are pleased to reach this agreement with Twitter because it illustrates the value of patented IBM inventions and demonstrates our commitment to licensing access to our broad patent portfolio,” said Ken King, General Manager of Intellectual Property for IBM. ”We look forward to a productive relationship with Twitter in the future.”
“This acquisition of patents from IBM and licensing agreement provides us with greater intellectual property protection and gives us freedom of action to innovate on behalf of all those who use our service,” said Ben Lee, Legal Director for Twitter.