Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Info-Tech
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Off-shore Development EscrowTech begins operations in Chennai Our Bureau
Chennai , Aug. 31 ESCROWTECH India, a joint venture between Global Business Solutions, an India-based consultancy, and US-based EscrowTech International, has commenced operations in Chennai. The Indian armwill provide software and technology escrow services to clients in the country. Typical clients of Escrow include law firms, educational institutions and venture capital companies, in addition to Fortune 500 companies, a company statement said. Mr Sudhir Ravindran, Director, EscrowTech India, said, "Our services in India would include software escrow, source code escrow, technology escrow services, among others." The statement adds that a software escrow typically protects the software licensee by ensuring that the licensee would have access to the source code in the event that the licensor goes out of business and the like. A software vendor would typically deliver the source code to an escrow agent. The agent releases the source code only when a release condition occurs but returns it to the vendor if the condition does not occur before the escrow terminates.
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