Defenx enters master services agreement with BV-Tech
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16:55 06/01/20
Cybersecurity software group Defenx announced on Wednesday that it has entered into a master services agreement with BV-Tech in relation to the development and assignment of software.
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The AIM-traded firm said the agreement was further to the software acquisition and investment by BV-Tech announced on 11 April and the software distribution contract entered into on 22 June as part of its strategic partnership with BV-Tech.
It said the master services agreement acknowledged that BV-Tech would act in the “best interests” of Defenx and on an arm's-length basis in relation to the provision of any software development services to the company and that - notwithstanding that fact - BV-Tech is a preferred supplier of such services to the company given its expertise and relationship with Defenx.
The key terms of the agreement stipulated that all software development projects would be put out to tender with BV-Tech and other third party suppliers selected by the company.
It also said that development services would be assigned to the supplier of services deemed “most suitable” based on criteria including the quality, cost and timeframe for delivery, although BV-Tech should have the right to “match or better” the terms offered by an alternative supplier provided that the overall proposal was at least equal to the alternative option.
All intellectual property rights in relation to work provided by BV-Tech under contracts governed by the master services agreement were to be created solely for the benefit of Defenx, and should be transferred and assigned to Defenx on receipt of the relevant fees due from the company.
The master services agreement, and any contracts governed by it, could be terminated by either party providing at least 90 days written notice.
“With the master services agreement in place with BV-Tech, we now have the foundations for our strategic partnership,” said Defenx CEO Andrea Stecconi.
“I look forward to working with BV-Tech to target larger corporate customers and add high quality, recurring revenues.”