Microsoft said that it has just entered a new patent licensing agreement with high-end smartwatch maker Olio Devices LLC.

Made possible through Microsoft Technology Licensing LLC, the company's arm for its IP licensing program, the agreement is said to cover "wearable devices" and other undisclosed details.

"Mutually beneficial and collaborative patent licensing agreements like this one promote innovation and lead to better products and experiences for consumers," said Nick Psyhogeos, president of Microsoft Technology Licensing.

The company's IP licensing program was launched in December 2003 and had since then earned over 1,200 licensing agreements. The group behind the Microsoft Intellectual Property Licensing is responsible for issuing licenses for Microsoft patents which also include other IP forms such as research and technology know-how.

Some of the most popular programs included in Microsoft Technology Licensing (MTL) are Android, ClearType, Exchange ActiveSync Protocol, exFAT File System, Hardware Licensing and RT Audio/RT Video Codec Porting Kits.

So far, both Microsoft and Olio apparently decided to offer no further comment on the agreement and left certain details out of the public's reach. Usually, companies that engage in licensing deals have the following reasons for taking such action: the need to generate revenue from licensing-out intellectual property that is old or unused and to increase chances of gaining a competitive edge by licensing-in intellectual property that is needed for the company's business operations.

Generally speaking, companies that engage in licensing enhance their IP portfolio value because of the additional profit sources that they provide.

Olio Devices launched its first smartwatch, known as the Model One, in March 2015. The company started shipping the device in limited numbers in the summer of the same year.

"Olio Devices is a new, design-focused company with a passion for enriching people's lives through premium products and meaningful connectivity," said the company on its official site. "We thoughtfully blend the highest quality materials with carefully crafted design and considered intelligence for products that are as immediately functional as they are enduring and expressive. With a passion for detail, simplicity and empowerment, the Olio team works hard to give you freedom of choice in what you wear and time to focus on what matters most to you."

Olio smartwatches come in several collections that include the Rose Gold Collection, Gold Collection, Steel Collection and Black Collection. The company touts the Model One smartwatch as being paired with the so-called Olio Assist in order to deliver a number of features. These include personalized time saving suggestions and an interface that is glanceable and swipeable in order to turn information into insight and insight into action.

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