software escrow

software escrow

Placing the source code of programs written by a software vendor into the hands of a third party throughout the development process and/or the term of the license. If the vendor goes out of business or fails to live up to the agreement, software escrow ensures that the customer still has access to the source code for future development and maintenance.
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However, due to the increasing developments and advancements in technology, asset due diligence evolved dramatically and now includes software escrow and open source software.
Another kind of posthumous escrow that helps ensure the disclosure of information regardless of the depositor's potentially changed future preferences is called the "software escrow." This type of escrow is in widespread use in business.
British IT assurance services provider NCC Group (LON:NCC) said today it has bought US software escrow firm Escrow Associates for a maximum of USD9.5m (EUR6.8m) in cash, in an effort to develop its international presence.
A software escrow account is the deposit of the software's source code into an account held by a third party escrow agent.
One standard approach is to agree to software escrow, which essentially means that should the vendor go out of business or stop producing the software, your organization will have access to the software's source code (think of it as software purchase insurance).
Software escrow (also called technology escrow) is the act of depositing the source code with a trusted third party to ensure access for the licensee.
And there has been a sharp increase in demand for software escrow services (see box).
The concept of a software escrow account and clients asking for control of the source code comes up much earlier during a technology selection.
Escrow Secure is the latest in a suite of five specialist 'software escrow' products developed by NCC.
Valencia, CA, October 14, 2010 --(PR.com)-- Microsoft has selected InnovaSafe, Inc., the world's third-largest software escrow firm (www.innovasafe.com), to provide escrow services to help independent software vendors (ISVs) gain and maintain accreditation in Microsoft Corporation's (NASDAQ: MSFT "Certified for Microsoft Dynamics" (CfMD[R]) program.
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