Chinese Smartphone manufacturer Xiaomi and Finnish mobile phone maker Nokia today signed a business collaboration agreement and patent licensing where Xiaomi will acquire all the key patent assets from Nokia.
Lei Jun, Chairman, and CEO of Xiaomi said in a statement, “As a company seeking to deliver more exciting technological innovations to the world, we are excited at the opportunity to work more closely with Nokia in future”.
Reports suggested that Nokia and Xiaomi will work together optical transport solutions for datacentre interconnect.
However, the deal financials was not yet disclosed by the company.
While replying to the agreement, Rajeev Suri, President, and CEO of Nokia told the media, “Xiaomi is one of the world’s leading smartphone manufacturers and we are delighted to have reached an agreement with them. In addition to welcoming such a prominent global technology company to our family of patent licensees, we look forward to working together on a wide range of strategic projects.”
It was reported that both the companies have agreed to work on the common ground and will explore other opportunities in the areas areas including Internet of Things (IoT) and artificial intelligence (AI).