Nest Labs, ecobee in patent cross-license agreement

Smart thermostat companies Nest Labs, Inc. and ecobee Inc. said they reached a long-term patent cross-license agreement “reflecting the respective strength of the companies’ investments in innovation.”

Details of the agreement are confidential.

“Nest and ecobee believe that this patent accord promotes product innovation and consumer choice in the market for smart home products,” said the compnaies in a statement.