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There has been a lot of speculation about why Nokia has acquired Trolltech (press release), and here is more.
It's not about mobile Linux
First, Qt is not an OS and its not a software layer. Qt is a devtool that generates native apps for different platforms from the same source. Nokia is most likely going to use Qt to create applications for S60 and Series 40. It will take some time for Trolltech to add S60 and Series 40 to Qt, so this is a long term thing.
There is not going to be a Nokia Linux OS for mobile. S60 and Series 40 will continue and Qt will be the cross platform devtool. (The Maemo OS used in the Nokia internet tablets will not be affected).
Nokia has some grand
plans for Ovi. They are going to do what Apple does, take a Consumer
Electronics approach and create an "integrated experience" (a door-to-door service). A tight integration with Ovi means they need for of of new features on the phones. With Qt, they won't have to
maintain two separate codebases, one for the feature phones and one for
Also, general UI development on Series 40 could benefit.
Java for the operators
Operators want Java based tools for customizing the handsets [shudder].
Trolltech has a Java wrapper called Qt Jambi that might fit very nicely with this.
(Btw: Motorola has given up trying to sell Linux based phones to operators and are now offering Linux+Java.)
The Qtopia product is of little interest to Nokia and might be sold off.
Actually, if you think about it, this has a rather interesting defragmentation effect! Nokia has always played nice and waited for standardization and so forth. If Nokia releases this to 3rd party developers and you could deploy on 40% of the phones in the world from a single codebase, that would certainly be revolutionary.