IBM and South Korea's Samsung Electronics Co. said Tuesday they have signed a patent cross-license agreement, which means each will license its respective patent portfolios to the other.
Financial or other terms and conditions of the deal were not disclosed.
The technology companies' patents cover a broad range of products and services, including semiconductors, telecommunications, visual and mobile communications, software and technology-based services.
The deal "enables the two companies to innovate and operate freely" and use each other's patents to keep up with technology and business demands, the companies said in a joint press release.
Shares of Armonk, N.Y.-based International Business Machines Corp. rose $1.88 to close Tuesday at $166.05.