What is digital escrow and software escrow?
Escrowing digital assets (which includes software) consist of a licensor depositing such assets with an independent escrow agent for safe keeping and releasing the assets to a licensee upon specific conditions that are defined in the escrow agreement.
Digital assets can take a variety of forms including technical documents, drawings, trade secrets, blue prints, formulas, software source code, encryption or licensing keys or anything that is of value and digital in nature.
Who uses digital escrow?
- Small and medium size businesses (SMB)
- Software development companies
- Financial institutions (banks, credit unions, and title companies)
- Legal representatives for scenarios such as M&A transactions and due diligence
Accruit's Digital Vault Application
All digital assets or software source code can be uploaded to our secure Digital Vault application. Secure and separate access controls are provided to each licensor’s digital vault and, after the licensor uploads their digital assets, licensee(s) are notified of the updated deposit and allowed access to the digital vault to view the secure deposit.
See Digital Vault pricing and demo.
The cloud services we employ have the highest security requirements and compliance standards, including ISO 270001, ISO 27018, PCI DDS, SOC 1 (SSAE 16) Type II, SOC 2 Type II and SOC.
Why Accruit?
Accruit provides dependable, reliable, and secure third party escrow services nationwide. We operate as the trusted neutral third party (escrow agent) for both the licensor and the licensee.
We understand the importance of protecting proprietary programs and preventing trade secrets from falling into the wrong hands. At the same time, we facilitate customer access to such property should a vendor dissolve, file bankruptcy or fail to maintain and update digital IP as promised in their license agreements.
