Microsoft doesn't make cars, but its related intellectual property could bring significant profit to the company. Today, Toyota agreed to license Microsoft's patents related to connected car technologies.

The agreement builds on Toyota and Microsoft's partnership, which includes their collaboration on the Azure-based Toyota Big Data Center.

"Microsoft invests $11.4 billion annually in research and development and for more than 30 years has been developing innovative technologies that are powering today's connected car experiences. When you look across telematics, infotainment, safety and other systems in today's connected cars, you find Microsoft technologies and innovation," said Erich Andersen, corporate vice president and chief IP counsel of Microsoft's Intellectual Property Group.

Since Microsoft launched its IP licensing program in December 2003, it has entered into more than 1,200 licensing agreements.