Google Inc. and Cisco Systems Inc. have entered a long-term deal to license each other's intellectual property. The agreement, which covers a broad range of products and promises each company "significant value" from its intellectual property, was recently announced. The financial details of the deal were not disclosed.

Google and Cisco rarely compete directly, according to Bloomberg. Both companies will have the opportunity to expand their products as a result of this deal, should they choose to do so. The companies issued a joint statement and said it would decrease the risk of future lawsuits. Both of the companies are members of the advocacy group Coalition for Patent Fairness, and explicitly seek to prevent lawsuits and other intellectual property difficulties with the agreement.

The companies have perpetual licensing rights to the patents in the agreement, and those rights will remain even if they are sold off. The agreement is structured in this way to oppose any complications from patent deals with firms that have engaged in what the release calls "patent profiteering."