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IBM, Amazon Settle Dispute

SEATTLE -- Amazon.com (Nasdaq: AMZN - News) and IBM (NYSE: IBM - News) today announced they have settled all patent lawsuits between the companies for an undisclosed amount of money paid to IBM and a long-term patent cross-license agreement.

Scott Hayden, Amazon's VP of Intellectual Property, said: "IBM's patent portfolio is the largest and strongest in the IT industry. Our license to its portfolio, and specifically to its Web technology patents, gives us greater freedom to innovate for our customers."

Dan Cerutti, IBM's General Manager of Software Intellectual Property, said: "At IBM, we place a high value on our IP assets and believe this agreement substantiates the value of our portfolio. We're pleased this matter has been resolved through negotiation and licensing. We look forward to a more productive relationship with Amazon in the future."

IBM Corp.