LG Electronics announced that it has signed a patent cross license agreement with Google. As per the new agreement the South Korean company and Google will share each other’s patent till 2023.
The contract includes copyrights of a wide range of technologies and products. It is one of the biggest patent agreements of the year between the two tech companies.
LG is certainly a really significant contact maker for the Nexus series of Google. The mobile manufacture company launched Nexus 4 in 2012, whereas Nexus 5 in 2013.
LG is on number four in terms of Smartphone manufacturing. Unfortunately, the company strived really hard to make a noteworthy place in the Smartphone market.
Recently, LG declared an 87 percent of increase in the third quarter of this year.
On the other hand, at the beginning of this year Samsung, which is considered as the biggest competitor of LG signed a pretty similar contract with Google.
Lee Jeong-hwan, head of LG’s patent center informed that the firm took this step in order to make some really novel products. The new strategy will definitely make some significant alterations in the lifespan of their products.
Majority of the LG’s popular smartphone, smartwatches and tablets run on the Android Software developed by Google.