Home Nokia Sells 500 Patents, Qt Software to Counter Losses

Nokia Sells 500 Patents, Qt Software to Counter Losses

After fighting for survival, Nokia will sell 500 wireless to U.S firm Vring for $22 million and sell its Qt software to business to IT services firm Digia Oyj. Nokia has lost the Smartphone market after competitors such as Apple and Samsung have gained dominance in the Smartphone market. The world’s second largest cellphone manufacturer has teamed up with Microsoft to sell phones which run the Windows Phone operating system. So far this has only given a limited success.
In order to halt losses, Nokia a massive reorganisation which included 10,000 jobs to be lost as well as non-core assets to be sold. Nokia reported a 1.53 billion euro loss for the second quarter. Nokia shares increased 8.1 percent higher at 2.33 euros after the Qt deal as well as Digia shares increasing 10 percent on the deal.
The value of the deal between Nokia and Digia was estimated at a fraction of the $150 million price which Nokia paid for Qt in 2008.Qt was a main part of Nokia strategy until Nokia swapped its own smartphone software for Microsoft’s Windows Phone.
Digia have said to be planning to make Qt available for creating applications for Apple’s iOS platform, Google’s Android and Microsoft Windows 8. Up to 125 employees that were working on developing and licensing the Qt software will be moving from Nokia to Digia.
Source Reutres

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