CIOTechOutlook >> Magazine >> December - 2014 issue

EscrowTech India: Delivering "Sound and Secure" Software and Technology Escrow Services

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Every day, companies around the globe spend huge resources in developing customized software solutions. Today, businesses have software operational requirements 24x7, and any failure in the software systems can have catastrophic effects. Under the Software License Agreement, the developer usually has contractual obligations to maintain, enhance or further develop the software licensed. The risk arises if in future the software developer shuts down, or fails or refuses to abide by contractual obligations.
Companies can protect themselves against such contingent events, if it can get access to the all-important source code. Software escrows provide an appropriate solution in such situations. Escrowing the Source Code of the software is a prudent business decision for Companies.
Software escrows are widely used the world over. Once the Software Escrow Agreement is signed the source code of the software licensed are placed in the secure custody of the escrow agent. In the event of a pre-defined contingency called "the release condition" the deposit material is released to the licensee. In case of a dispute, the Software Escrow Agent abides by the arbitration order or court order.
To address such complexities EscrowTech headquartered in Chennai, Tamil Nadu was started. “EscrowTech India, is positioned to offer professional services to IT Product companies, providing the impetus for IT Product companies to offer services and mitigate the ensuing risks. EscrowTech’s pricing and fees are transparent and in fact disclosed in the Escrow Agreement which is signed by the Software Product Company, Client and EscrowTech”, says Mr. Arun Mahadevan, Managing Director, EscrowTech India. Incepted in 2005, as Indo-US joint venture with world renowned EscrowTech International Inc, USA, the company provides professional Software and Technology Escrow Solutions to leading Indian Companies, Banks and Financial Institutions and many Fortune 500 companies.
EscrowTech India is certified as ISO 9001 and has the experience and expertise to address complex escrow solutions. EscrowTech is the only Indian company to have an international joint venture in software escrow business. In addition EscrowTech is India’s only professional and pure play Software and Technology Service Provider with dedicated and secure storage facilities. “Our clients also have the option of storing the Source Code Deposit Materials in the USA as a disaster recovery mechanism (DRM)”, explains Arun Mahadevan.
On the anvil of its 10th anniversary in India (2015), EscrowTech India is getting most traction in the area of software escrow services and plans to expand its array of services in the market of South East Asia and Middle East in conjunction with its US Joint Venture Partner.

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