Updating the market, New York-listed gambling technology provider IGT Plc has announced that it has reached a comprehensive cross-licensing agreement with Aristocrat Leisure Limited (Aristocrat).
IGT governance confirmed that the agreement would cover intellectual property involving game features and system patents between the two firms.
Having committed to the licensing agreement terms, the participating firms have agreed to settle all outstanding litigation between them.
Prior to today’s announcement, IGT and Aristocrat governances had been involved in patent disputes regarding the validity of each firms’ slot machine portfolio.
Moving forward the companies game development teams will work under the terms of the cross-licensing agreement, ensuring best practices and standards are kept between the competing firms.
“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,” said Renato Ascoli, IGT Chief Executive Officer North America Gaming & Interactive
“This agreement demonstrates both companies’ shared commitment to investing in and preserving the value of intellectual property.”
“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,” said Toni Korsanos, Aristocrat Chief Financial Officer & Company Secretary.