The French companies' headquarters are about two hours apart, with Mavic in Annecy and Time in Vaulx-Milieu.
It remains unclear whether the new pedals will be branded just Mavic, or co-branded Mavic and Time. Mavic communications manager Zack Vestal said he didn't yet know specific plans for the pedals.
In a press release, Mavic president Bernard Millaud spoke in general terms about an "alliance that will contribute to the success and development of our two brands."
Mavic discontinued its road pedals at the end of last year