In a continuing bid to make Nokia a leaner, meaner company, S.Elop sold a small part of Nokia's wireless portfolio to App making company, Vringo (not to be confused with Vlingo).
Vringo bought a total of 500 patents (109 are US issued patents). These patents deal mainly with backbone tech, including communication management, signal transmission and cellular infrastructure.
Here is the press release on the Sale:
Vringo and Nokia Execute Patent Purchase Agreement
Vringo to Acquire Over 500 Patents and Applications from Nokia
NEW YORK--(BUSINESS WIRE)--Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today announced that it had entered into a Patent Purchase Agreement with Nokia Corporation pursuant to which Nokia agreed to sell Vringo a portfolio consisting of over 500 patents and patent applications worldwide, including 109 issued United States patents. Vringo agreed to compensate Nokia with a cash payment and certain ongoing rights in revenues generated from the patent portfolio.
The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services.
Thirty one of the 124 patent families acquired have been declared essential by Nokia to wireless communications standards. Standards represented in the portfolio are commonly known as 2G, 2.5G, 3G and 4G and related technologies and include GSM, WCDMA, T63, T64, DECT, IETF, LTE, SAE, and OMA.
Further details are included in a Form 8-K to be filed by Vringo with the United States Securities and Exchange Commission.
For more information, visit: www.vringoIP.com.