After several months of watching its lead in the smartphone market slip away, Nokia finally got some good news.

The Finnish company today announced it has reached a settlement with smartphone market rival Apple over a patent dispute. While the terms of the agreement were not revealed, Nokia did say that Apple will make a one-time payment, as well as ongoing royalties.

Nokia had alleged that Apple violated as many as 46 Nokia patents in "virtually all" of its mobile devices, music players, computers and tablets. A number of the alleged violations included multitasking functions, data synchronization and use of mobile phone accessories, such as Bluetooth headsets.

However, with the settlement, Apple appears to have assented to some of Nokia's demands and will add some of its technology to Nokia's IP portfolio.

"We are very pleased to have Apple join the growing number of Nokia licensees," said Stephen Elop, Nokia president and CEO. "This settlement demonstrates Nokia's industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market."

Nokia isn't the only company earning royalties off its competitor's success. Microsoft also currently makes an undisclosed amount from HTC after reaching a similar smartphone patent agreement.