 "FTIL sells power bourse trading software to IEX")
Financial Technologies India Limited (FTIL) has signed a perpetual license agreement with the Indian Energy Exchange (IEX) for application software at a total consideration of Rs 108 crore.
With this, the software PowerARMS DAM, PowerARMS TAM and REC, back office and software development life cycle (SLDC) installed in India along with source code will be the property of IEX.
Until now, IEX was using this FTIL software for an annual fee. In June, FTIL has sold its 16.6 per cent stake in IEX to a clutch of entities, including DCB Power Ventures Ltd and Aditya Birla Private Equity.
The said agreement is perpetual, irrevocable, non-transferrable and non-assignable. The agreement is, however, subject to completion of customary conditions precedent. FTIL shares were trading lower by two per cent at Rs 116 per unit on Tuesday.
With this, the software PowerARMS DAM, PowerARMS TAM and REC, back office and software development life cycle (SLDC) installed in India along with source code will be the property of IEX.
Until now, IEX was using this FTIL software for an annual fee. In June, FTIL has sold its 16.6 per cent stake in IEX to a clutch of entities, including DCB Power Ventures Ltd and Aditya Birla Private Equity.
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As per the agreement, the software will be exclusively for IEX’s internal use and to exploit and modify the same for further development including trading from worldwide for its own purpose.
The said agreement is perpetual, irrevocable, non-transferrable and non-assignable. The agreement is, however, subject to completion of customary conditions precedent. FTIL shares were trading lower by two per cent at Rs 116 per unit on Tuesday.