Samsung Electronics Co. Ltd. announced that it has struck a global patent license agreement with Google Inc. The licensing deal will give access to each other's industry-leading patent portfolios and help power future innovation by the two companies through the enhanced cooperation. The cross-license agreement covers a broad range of patents of the two companies' that are existing as well as those to be filed over the next 10 years.

The patents involved cover a broad range of technologies and business areas that are mutually beneficial to the two companies. With Samsung already being involved in bitter court battles over patent violations with Apple Inc. (AAPL), this deal will ensure that Google and Samsung do not end on the two sides of a lawsuit over patents. The deal will see Google continuing to encash on the large patent portfolio it gained through the $12.5 billion acquisition of Motorola Mobility.

The agreement comes at a time when technology companies are vying with each other to garner maximum number of patents so as to generate revenues by licensing them or suing each other.