Research outfits Nielsen and comScore have announced that they have settled their long-running patent dispute which is filed in District Court for the Eastern District of Virginia.
Under the terms of settlement, the companies said that they had entered a cross-licensing deal and have also agreed not to file lawsuits against each other for the next three years.
According to the settlement, comScore will be acquire 4 of Nielsen patents, which comprise of both US and international patents that the company cited in the lawsuit while Nielsen will get license to the 4 patents that comScore cited in its lawsuit.
Nielsen has also agreed to acquire around $19 million worth of comScore's restricted common stock and has promised to retain it for a period of minimum 1 year.
"We are pleased to put this matter behind us and to bolster our patent portfolio, enabling the application of this intellectual property to many areas involving the Web, such as ad visibility and Web engagement measurements," said Dr Magid Abraham, President & CEO, comScore.
"We believe that the agreements we have reached signal a new phase of cooperation for our companies and enable us to better deliver the innovation and value the industry needs." he added.
Find the press release here.