Business News

New York-listed lottery and gaming supplier International Game Technology (IGT) has signed a patent cross-licensing agreement with rival Konami Gaming.

This will allow Konami, in exchange for paying licensing fees, to be able to supply its US customers with games that include features patented by IGT.

"Cross-licensing these game patents between our two companies allows Konami and IGT to share some of the best features that make our games desired by customers," Konami executive vice president and chief commercial officer Thomas Jingoli said.

"The opportunity to leverage some of IGT's patented mechanics enables Konami to enhance our game portfolio as we continue to focus on delivering the most enjoyable 'Born from Fun' gaming experiences possible."

"Our cross-licensing agreement with Konami Gaming, Inc. demonstrates the strength of IGT's game feature patent portfolio and the value that it represents to other gaming companies," added Michael Prescott, senior vice president and general counsel for IGT’s North American gaming and interactive business.

"We look forward to continued collaboration across the industry as we collectively invest in the growth of gaming."

Shares in International Game Technology plc (Co.Data) (NYQ:IGT) closed at $18.03 per share in New York Monday.