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Xiaomi and Nokia sign multi-year patent agreement

Chinese smartphone maker Xiaomi and Finland based Nokia signed a multi-year patent agreement yesterday. The patent agreement includes cross-licensing of each other's cellular standard-essential patents, while Xiaomi will also acquire patent assets from Nokia as part of the transaction. As part of the tie up, Nokia and Xiaomi will work together to build optic network solutions and data center interconnect, among other networking capabilities. In addition, both companies have agreed to explore cooperation in areas such as Internet of Things, augmented and virtual reality, and artificial intelligence. Nokia has had multiple management changes over the years as it seeks to stabilize its smartphone/devices business. After selling its Lumia business to Microsoft 2013, Nokia continued to focus on network solutions and VR. In May 2016, Microsoft sold Nokia’s feature phone business to FIH Mobile (Foxconn subsidiary) for $350 million, after Microsoft’s…

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