Waterloo-based BlackBerry and famed watch company Timex Group have entered into a patent license agreement.
According to a press release, the financial structure within the deal includes ongoing royalty payments from Timex to BlackBerry, however all other terms will remain confidential.
“This license agreement with Timex demonstrates the strength of BlackBerry’s patent portfolio, and will enable us to focus on further patent licensing opportunities in the mobile communications market,” said Jerald Gnuschke, senior director of intellectual property licensing at BlackBerry, in the release.
The statement is vague, but could indicate Timex is creating a digital product using BlackBerry’s software. The release further mentions that BlackBerry has 40,000 worldwide patents and applications covering a wide array of technologies.
Though BlackBerry no longer works in the smartphone market, a new BlackBerry brand smartphone is set to be unveiled next month.
Upon asking for further detail on the partnership, BlackBerry corporate communications officer Sarah McKinney told MobileSyrup the company has “nothing more to add than what was in the press release.”
Update 13/09/17: Updated with comment from BlackBerry.