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IBM, Pure Storage sign cross-licensing agreement

Pure Storage FlashArray.
Source: Pure Storage | YouTube
Pure Storage FlashArray.

IBM and Pure Storage announced Thursday in a release that the private flash-memory enterprise storage company has acquired more than 100 storage and related technology patents from IBM.

The companies have also signed a patent cross-license agreement, the release said, but financial terms were not disclosed.

Read MorePredicting what's in store: A flash flood of data

Pure Storage is a five-year-old maker of enterprise data-storage equipment that uses flash technology rather than traditional hard drives that companies use to store data and business records.

—By CNBC.com

Technology