The number of patents being filed around the globe in the field of information andcommunication technologies is increasing each year. Patents are seen as strategic assets forcompanies as they provide a competitive advantage and at the same time ensure freedom tooperate and form a basis for new alliances. However, they can also be viewed as restrictions andmarket barriers for new entrants who need to build their own intellectual property rightsportfolio, which in turn would give them credibility in the market. There is a need, therefore, tolearn from the world leaders who have aligned their business strategies with intellectualproperty strategies and have succeeded. As no publication or public disclosure about intellectualproperty strategy has been made by any of the companies, the only way to understandintellectual property strategy is to look at patent filings, analyze them and, based on the trends,deduce strategy. This paper tries to identify the intellectual property strategies of five US andIndian IT companies by analyzing their patents.