Apple licenses $10 million in patents, including Palm patents Steve Jobs called worthless

Apple (AAPL) has struck a new deal to license patents from Access, according to a document published on the patent holding firm’s website. The IP covered in the small deal includes patents originally filed by Palm, Bell Communications Research and Geoworks. As 9to5Mac points out, former Apple CEO Steve Jobs once told then-Palm CEO Ed Colligan that the company’s patents were “not that great,” and that Apple had passed on an earlier opportunity to acquire them to protect the iPhone because they were basically worthless. To be fair though, the Apple-Access licensing deal is valued at 1 billion yen, or about $10 million USD, which is indeed practically nothing to a company with more than $140 billion in cash on hand.

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This article was originally published on BGR.com