In order to benefit and further the goals of both companies, a cross-licensing patent agreement between IGT and NetEnt has been signed. By signing this agreement, NetEnt has taken one step further towards entering the North American gaming market.
IGT, being one of the biggest players in the gaming software market in North America, has a large number of slots patents. NetEnt is one of the largest gaming companies worldwide, and has its headquarters in Sweden.
IP Patent Cross-License Agreement
With the IP cross-license patent in place, NetEnt will be able to offer its own games in the North American market. The games that the company can offer include all those games that are part of the cross-license patent agreement that are available in IGT's portfolio, and have been patented by the gaming software company.
Björn Krantz, the Managing Director of NetEnt Americas LLC, commented on the deal: "IGT is a key partner for NetEnt in its expansion into North America, and we are really pleased that we'll have access to all of IGT's game feature patents for our North American multi-channel games offering."
IGT's Matteo Monteverdi, the Senior Vice President of Global Product Market, Interactive, had the following to say regarding the agreement: "We are very pleased to reach an agreement to provide NetEnt with IGT's best-in-class portfolio of game feature patents. Working in partnership with NetEnt enables us to further validate our significant IP portfolio."
A cross-licensing agreement is made between two entities when one or both of the entities wish to make use of patents that have already been secured by the other party. Since the agreement is does not usually include payment from one party to another, in most cases, the cross-patent agreements are made when two different companies each have patents for different aspects of products that complement each other. By signing this kind of agreement, both parties are allowed to offer a product using each others' patented ideas.
NetEnt and IGT
IGT has a large games portfolio ranging from Lotteries and Gaming Machines to Interactive and Social Gaming offerings. The company has a presence in more than 100 countries.
NetEnt is a leading digital entertainment company that offers both front end and back office solutions for its customers. The company was started in 1996, and since then has become a leader in the gaming industry, and has become one of the most successful casino operators.