• by Mark Walsh  @markfwal, February 11, 2011

Nokia threw its Hail Mary pass today, teaming up with Microsoft to rejuvenate its  business and adopt Windows Phone as its smartphone operating system. Under the alliance, the two companies will jointly create mobile products and services and collaborate on marketing initiatives. Bing will power search services across Nokia devices and Microsoft's' adCenter will likewise provide search ad capabilities.

The deal also calls for Nokia's Ovi content and application store to be merged Microsoft Marketplace and Microsoft development tools will be used to create apps that run on Nokia phones. At the same time, Nokia Maps will become a core part of Microsoft's mapping services and integrated with Bing and adCenter.

Nokia's operator billing systems will be uses to let consumers buy Nokia Windows Phone products in emerging markets where credit card use is low. "Nokia and Microsoft will combine our strengths to deliver an ecosystem with unrivalled global reach and scale. "It's now a three-horse race," said Nokia CEO Stephen Elop, a former Microsoft executive, in a statement. Read more here.