Microsoft and Nikon have announced the signing of a patent cross-licensing agreement that will cover digital cameras and other products. The agreement aims to further the development of each company's current and future product lines, and covers digital cameras made by Nikon as well as a range of other consumer products that each company manufactures and sells.

The companies believe the cross-licensing agreement will benefit customers of their consumer products because both parties will be able to innovate openly with each other's technologies. Although the contents of the agreement have not been disclosed, the parties indicated that Microsoft is being compensated by Nikon.