LG Electronics Enters License Agreement with Intellectual Ventures

BELLEVUE, Wash., Nov. 8, 2011 /PRNewswire/ -- Intellectual Ventures (IV®) and LG Electronics (LG) announced today that they have entered into a license agreement. The deal provides LG with a license to IV's extensive patent portfolio, which contains more than 35,000 IP assets in more than 50 technology areas.

Becoming an IV licensee provides access to additional products and services to address both short-term and long-term IP-related concerns. As an IV customer, LG has access to IV's portfolio to defend itself from potential litigation. IV's patents can serve in counter-assertion, enabling more efficient negotiations to reduce liabilities and achieve favorable licensing terms.

"LG's patent portfolio is strong and is a critical element to our business strategy," said Jeong Hwan Lee, executive vice president and head of LG's Intellectual Property Center. "Our alliance with IV gives us access to patents outside our core and allows us the freedom to focus on what's important in our industry – constant innovation."

"Intellectual Ventures offers an efficient way to access the invention rights companies need to stay competitive within the market," said Mario Obeidat, head of telecommunications licensing at Intellectual Ventures.

Intellectual Ventures engages with companies of all sizes to meet their current business needs and provide strategic guidance on forward-thinking intellectual property. IV combines scale and expertise to structure sophisticated deals designed to help companies strengthen their market position by reducing their current risk and providing access to the invention rights they need to stay competitive. Collaborating with Intellectual Ventures helps LG protect its core business so it can focus on innovation.

About Intellectual Ventures

Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention. IV collaborates with leading inventors, partners with pioneering companies, and invests both expertise and capital in the process of invention. IV's mission is to energize and streamline an invention economy that will drive innovation around the world.  www.intellectualventures.com.

Intellectual Ventures and IV are registered trademarks of Intellectual Ventures Management, LLC (IV).  All other trademarks are the property of their respective owners.

For press inquiries, please contact [email protected]. For all other inquiries, please contact [email protected] or follow IV on Twitter at @IVinvents.

SOURCE Intellectual Ventures