No More Squabbles Between International Game Technology and Aristocrat
The tension between International Game Technology and Aristocrat Leisure Limited let up a little bit this week. As we all know there’s been some disagreements between the two in court about intellectual properties, but the two set those issues aside, and has come to terms with a new cross-licensing agreement that will allow them to bury the hatchet with past issues and move on to settle the litigation’s that are still outstanding between the two.
The full term of the agreement deal hasn’t been disclosed, but some details entails system patents and intellectual property which involves game features.
Renato Ascoli, IGT’s CEO for North America and Interactive Double Down Casino released a statement on the agreement saying “IGT’s R&D investment and patent portfolio are the largest in the gaming industry. We are pleased to have reached this agreement with Aristocrat as we build upon our leadership in gaming innovation. This agreement demonstrates both companies’ shared commitment to investing in and preserving the value of intellectual property.”
Aristocrat’s CFO, Toni Korsanos added,
“Turning ideas into value-adding innovation is core to Aristocrat’s mission to ‘create the world’s greatest gaming experience every day’. Our agreement with IGT will contribute toward this, and we are pleased to have finalized these arrangements.”