First `software escrow' co operational in India
EscrowTech India, a joint venture between Global Business Solutions and US based EscrowTech International launches a first of its kind operations in India.business Updated: Aug 31, 2005 18:16 IST
EscrowTech India, a joint venture between Chennai-based Global Business Solutions and US-based EscrowTech International, announced on Wednesday the launch of its operations, becoming the first company to offer software and technology escrow services in India.
Under the software escrow, the JV (EscrowTech) will hold the source code of a software, thereby protecting the interest of the users, in the event of the software licensor going out of business or discontinuing support of the licensed software in future.
EscrowTech International of US, a leading player in the field, would hold 10 per cent stake in the Indian venture while Global Business Solutoins would hold the remaining 90 per cent stake.
"Our services in India would include software escrow, source code escrow, technology escrow services and many other practical solutions for the protection of intellectual property," said, Sudhir Ravindran, Director EscrowTech India.
EscrowTech's software escrows typically involve an owner (the licensor, vendor or developer), at least one beneficiary (the licensee, customer or user) and EscrowTech as the agent, Ravindran explained. He said the deposit materials can be stored in EscrowTech India's high security, fireproof storage facility in Chennai.
The company was confident of getting 200 to 300 accounts in the first year of operations.
First Published: Aug 31, 2005 18:16 IST