Online retailer Amazon has reached an out-of-court settlement to resolve a patent lawsuit brought by IBM.

Amazon has paid IBM an undisclosed sum and entered into a long-term cross-licensing agreement on the disputed patents.

Big Blue had alleged that Amazon's technology infringed five e-commerce patents dating from 1990 to 1995.

"IBM's patent portfolio is the largest and strongest in the IT industry," said Scott Hayden, vice president of intellectual property at Amazon.

Dan Cerutti, general manager of software intellectual property at IBM, stressed that his company places a high value on its intellectual property assets.

"I believe this agreement substantiates the value of IBM's portfolio," he said. "We are pleased that this matter has been resolved through negotiation and licensing, and we look forward to a more productive relationship with Amazon in the future."