Prometeia S.p.A. (Prometeia) has setup this escrow arrangement with Escrow Alliance. With this escrow arrangement Prometeia assures that the risk of permanent loss of Prometeia ECA is mitigated. The people of Prometeia thought about your business continuity should something unexpectedly happen to Prometeia.
Why an escrow arrangement?
IT is an integral part of today’s business operations. But how are the risks limited if the supplier disappears due to, for example, bankruptcy, takeover or termination of the company? What effect does this have on business continuity? How does one guarantee the uninterrupted use of applications such as financial software, software to control business processes or document management software?
On the other hand, the intellectual property of the supplier must be protected and it is not desirable that ‘source materials’ and other knowledge are in the possession of the end user. In the end, these are the ‘crown jewels’ of the supplier and require adequate protection, both legally and in the handling of these materials.
Escrow Alliance limits these operational IT risks with its arrangements by applying managing the escrow and makes the software user less dependent.
