BANGALORE, INDIA: Information technology giants are teaming up in defense against potential patent-infringement lawsuits, sources stated, citing people familiar with the matter.
The sources added that the companies, which include Verizon Communications Inc, Google Inc, Cisco Systems Inc, Hewlett-Packard Co and Ericsson, are believed to have a joined a group calling itself the Allied Security Trust.
The companies will pay roughly $250,000 to join the group and will each put about $5 million into escrow with the organisation to go toward future patent purchases, the paper said.
Verizon, Cisco and Google did not immediately return phone calls seeking comment. HP and Ericsson could not be reached for comment.