The FINANCIAL — LG Electronics, Inc. (LG), one of the worldwide technology and design leader in mobile communications and Microsoft Corp. (Microsoft), one of the worldwide leader in software, services and solutions, on November 3 announced the signing of Memorandum of Understanding (MoU) to form strategic collaboration in Mobile Convergence.
The agreement was signed in Seoul by Yong Nam, Vice-Chairman and chief executive officer of LG Electronics and Steve Ballmer, chief executive officer of Microsoft.
“This agreement between LG and Microsoft will create critical momentum in the industry,” said Yong Nam at the announcement ceremony. “With this partnership, mobile computing will truly become an everyday reality, and LG and Microsoft will be at the forefront of it.”
“This MoU further strengthens Microsoft relationship with LG and demonstrates our joint commitment to delivering the most innovative mobile experiences to our customers,” said Steve Ballmer. “We are excited that leading mobility solutions providers, such as LG, are aligning with our vision for mobility.”
According to LG, the agreement ensures continued strategic collaboration in R&D, marketing, applications, and services in the field of converged mobile devices. The proposed partnership also reflects both companies’ commitment to leverage best-in-class technology, resources and expertise by joining forces with leading players in key markets.
In particular, as a part of its strategy to reinforce LG’s global competitiveness in smartphone, LG sets mid to long term goals and documentaries number of products, R&D, marketing, and service to meet these goals. Under the MoU, converged mobile device business will be reinforced through incorporating LG’s core competences in marketing and products in mobile and IT sector and Microsoft’s proficiency in Windows Mobile OS, application, and service.
Both companies will continue to define and align their mobile strategies through annual top management meeting.