LG and Intellectual Ventures sign a patent deal

ELECTRONICS FIRM LG has signed a patent deal with Intellectual Ventures.

A statement from the two firms says that the deal will give LG access to IV's massive patent portfolio, which includes 35,000 assets in 50 technology areas. With patent threats and lawsuits being a large part of today's IT industry, it's fair to say that this deal probably reflects good business, or at least legal, sense.

"LG's patent portfolio is strong and is a critical element to our business strategy," said Jeong Hwan Lee, EVP and head of LG's Intellectual Property Centre. "Our alliance with IV gives us access to patents outside our core and allows us the freedom to focus on what's important in our industry - constant innovation."

Patents seem to be the forgotten part of the technology development system, and there is rarely a piece of kit launched that does not tread on someone else's patent toes.

"Intellectual Ventures offers an efficient way to access the invention rights companies need to stay competitive within the market," said Mario Obeidat, head of telecommunications licensing at Intellectual Ventures. µ