The cross-patent agreement announced today covers a broad range of products and provides each company greater access to the other's patent portfolio, Microsoft and HP said. They did not provide any other details.

Under patent law, a cross-licensing agreement gives the parties involved a license to examine patented technology that is part of commercial products. The cross-patent license allows partners to include that technology in their own products without fear of lawsuits.

In January, rated Microsoft's patent portfolio the highest among all companies across all vertical industries. The IEEE Spectrum is a magazine put out by the Institute of Electrical and Electronics Engineers, a technology trade organization.

Microsoft's score was 3,505, while HP came in at 1,175.

Acquiring patents is seen as a way to gauge a company's ability to innovate.