Odessa Technologies

Odessa Technologies gives clients peace of mind with NCC Group’s software escrow services

About

Odessa Technologies, Inc. provides innovative software solutions for the leasing industry. Its premier business management solutions create value and streamline operations for several companies across the financial services sector.

Headquartered in Philadelphia, Odessa employs 110 worldwide.

Challenge

Through Odessa’s flagship LeaseWave^® suite, companies, banks and financial institutions have access to a seamless, end-to-end leasing system to manage their portfolios, from application processing through to lease termination. The application allows Odessa’s clients to not only effectively manage their portfolios, but also to interact with their business partners online, in a secure, real-time environment.

Recognising that each business is unique, the LeaseWave^® software suite has been engineered, specifically, to be customisable around the unique needs of each client.

The highly customised nature of the software package can mean Odessa’s clients may depend on this mission-critical application to run their day to day business, meaning business continuity could be jeopardised should anything happen to disrupt the ongoing smooth operation of the application.

When Odessa’s clients started to enquire about the company’s ability to insure this dependency, Madhu Natarajan, Chief Executive Officer (CEO), decided to review the options and find a reliable solution.

Solution

“As part of our licensees’ business continuity plans, it is vital for them to consider what arrangements are in place should an unforeseen circumstance occur involving a key supplier such as ourselves,” commented Madhu Natarajan, CEO, Odessa Technologies. “Following a review of the marketplace, we chose to work with the world’s largest software escrow provider, NCC Group for a protection solution.”

NCC Group’s software escrow solutions provide a smart, simple way of protecting organisations, by covering every business critical application or third party supplied software-as-a-service with a software escrow solution.

Under the terms of its straightforward software escrow agreement, NCC Group holds a copy of the LeaseWave^® source code which Odessa’s licensees depend upon but do not own or have access to under the terms of their licence agreement. By entering into the software escrow agreement, Odessa is granting its customers the right to access the source code for its software application in the unlikely event that it was no longer able to support or maintain that software.

Results

Odessa is giving its clients the assurance that they can correct or rebuild the software with ease should an event occur which would prevent Odessa from doing it on their behalf.

Natarajan concurred: “We are demonstrating that we truly value our customers and their business. We have been able to establish further credibility with our client base and have ultimately built tangible value into our software.”

Craig Motta, General Manager, NCC Group, Inc. concluded: “Suppliers that offer escrow protection with their products will add both value, security and peace of mind to their customer relationships. Odessa Technologies’ clients can take great comfort in knowing that their interests are being safeguarded through an independent software escrow agreement.”

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NCC Group is a leading global provider of independent IT assurance, security and consultancy services. As a trusted advisor, we help over 15,000 public, private and not for profit sector organisations, including 92 of the FTSE 100, to make the most efficient use of information and technology and to manage the associated risks.

Quote

“With an escrow agreement in place we are demonstrating that we truly value our customers and their business. We have established further credibility with our client base and ultimately built tangible value into our software”

Madhu Natarajan, CEO, Odessa Technologies

Challenge

Odessa Technologies’ licensee customers rely on its software to run day to day business operations 

Odessa’s clients started to enquire about the company’s provision if they become unable to meet their contractual obligations to supply, fix or maintain LeaseWave^®

Solution

Following a review of the marketplace, Odessa chose to work with the world’s largest software escrow provider, NCC Group for an escrow solution

Results

Odessa is giving its clients the assurance that they can correct or rebuild the software with ease should an event occur which would prevent Odessa from doing it on their behalf