Gaming machine and systems innovator International Game Technology has signed a “patent cross-licensing agreement” that will see slot and casino equipment supplier Konami Gaming Incorporated authorized to offer some of its games and features in exchange for paying a fee.
October saw International Game Technology ink a similar deal with Las Vegas-based electronic games content specialist Everi Holdings Incorporated before it went on to sign a comparable arrangement with global casino technologies firm Aruze Gaming Incorporated in April.
“Our cross-licensing agreement with Konami Gaming Incorporated demonstrates the strength of International Game Technology’s game feature patent portfolio and the value that it represents to other gaming companies,” read a statement from Michael Prescott, North America and Interactive Senior Vice-President for International Game Technology. “We look forward to continued collaboration across the industry as we collectively invest in the growth of gaming.”
Such arrangements have become increasingly popular due to the recent trend of buy-outs and consolidations within the industry while October additionally saw International Game Technology sign a “comprehensive cross-licensing agreement” with Sydney-based slot machine innovator Aristocrat Leisure Limited that covered “intellectual property involving game features and system patents.”
“Cross-licensing these game patents between our two companies allows Konami [Gaming Incorporated] and International Game Technology to share some of the best features that make our games desired by customers,” read a statement from Thomas Jingoli, Executive Vice-President and Chief Commercial Officer for Konami Gaming Incorporated, which is a Las Vegas-based subsidiary of Japanese giant Konami Holdings Corporation. “The opportunity to leverage some of International Game Technology’s patented mechanics enables Konami [Gaming Incorporated] to enhance our games portfolio as we continue to focus on delivering the most enjoyable “born from fun” gaming experiences possible.”