BlackBerry Has A Mystery Partner

BlackBerry Ltd BBRY spiked in pre-market trading Tuesday after the company posted higher-than expected quarterly revenue growth in its software segment.

The company's aim to double its software revenue to $500 million annually by next year is "achievable," Chief Executive John Chen said.

BlackBerry rose as high as $10.20 a share before the bell, but fell back recently to $9.18.

Separately, BlackBerry announced a patent license agreement with Cisco Systems, Inc. CSCO although details weren't disclosed.

See Also: BlackBerry Shares Jump Following Q1 Results

Since at least earlier this year Cisco has offered BlackBerry customers its AnyConnect service which aims to provide secure network connections via mobile devices.

The companies said Tuesday they "intend to further collaborate" under the new agreement.

BlackBerry also reportedly signed a separate licensing deal with an company it didn't name.

Chen said recent growth in software sales reflect higher investments in sales and customer support for BlackBerry's software business, while the company takes steps to make its handset business profitable.

Software segment revenue grew during the first quarter by 150 percent to $137 million.

Chen called BlackBerry's recent performance in software and technology "key to BlackBerry's future growth."