Article Submitted by iClimber.
With Kodak on the verge of bankruptcy, almost 1100 of its patents are up for sale for about 500+ million. However, this has brought together two bitter enemies, Google and Apple, who have teamed up to buy these patents. This might come as a surprise considering the ‘patent war’ that has made the news recently. However, it seems as if with this move, Tim Cook is more than happy to put Apple’s affinity for litigation behind them.
What both these companies also share in common is that they aren’t particularly too fond of the current patent system, which according to both CEOs, is bad for innovation. Apart from this, analysts also believe that by teaming up, they’re actually making a smart business decision, as both companies have spent plenty of money in court and have also been quietly bidding for Kodak’s patents on their own. However, this partnership does a lot to save costs as in teaming up together, Kodak won’t be tempted to up the bid by pitting these companies against each other. While this might be a shrewd choice, it will also help Kodak to pay off its debt, after being in business for almost 132 years.
Experts believe that this combined approach by both Google and Apple seem to be a much better one as opposed to the preposterous amount, $4.5 billion in all, paid by almost every tech giant for the Nortel patent while Google alone spent almost $12.4 billion for Motorola Mobility and its 20,000 patents. And even though both companies can easily come up with $500 million in the next four months, and rescue Kodak, it’s rather unfortunate to see the latter close its doors.