International Game Technology (IGT) has announced that it has reached a comprehensive cross-licensing agreement with Aristocrat Leisure, covering intellectual property involving game features and system patents.
Although the terms of the agreement have not yet been announced, IGT has said that the parties have agreed to settle all outstanding litigation between them.
“IGT’s research and development 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 (pictured), IGT chief executive officer for North America gaming and interactive.
“This agreement demonstrates both companies’ shared commitment to investing in and preserving the value of intellectual property.”
Aristocrat’s chief financial officer and company secretary, 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 finalised these arrangements.”
Aristocrat is licensed by over 200 regulators and its products and services are available in over 90 countries around the world. It offers a diverse range of products and services including electronic gaming machines and casino management systems.