5 Reasons Why the UK is the Top Spot for Software Escrow Deals
When we initially established Escrow London, our vision was to solely focus on the UK market. Our business plan was built around providing UK companies with a serious and secure alternative for their software escrow requirements.
We launched our website and once the google bots indexed our site and our rank climbed, inquiries and contracts began arriving from companies in cities as far afield as Sydney, Buenos Aires, Kuwait City, Dubai, Lagos and Singapore.
Now it wasn’t only companies from faraway lands, European companies closer to home also came knocking on our door. For example, we recently signed a contract with 2 Russian companies that felt more comfortable with the escrow agreement being held with a neutral party outside of Russia.
Reflecting on this unintended success, I began to ask our international clients what attracted them to a UK software escrow company.
Listed are the 5 reasons why the UK is the top spot for software escrow deals:
- Outside of the UK, England is seen as one of the most stable and transparent political environments to do business.
- English law is recognized as fair and globally acceptable to most parties. Many other international legal systems are based on English law.
- For companies negotiating a cross border deal, using English as a common language for contracts is seen as a preferable default for their software escrow agreements.
- Globally, the UK has a solid reputation for data security and regulation around the protection of data.
- London is seen as one of the worlds’ leading financial services city. This has provided a massive platform for fintech companies to base themselves here and to expand globally. Both the banks and fintech companies are active advocates of software escrow and prefer using a local provider.
Now having a UK escrow agent doesn’t always tick the boxes for certain clients. Over time, we have come up with creative solutions to provide comfort to these clients by enabling arbitration to take place in an offshore location while still keeping the agreements under English law.
As software escrow has evolved from the original protection of source codes into a more complex arrangement for the protection of SaaS applications and data, I believe an increased number of international companies will be turning to UK software escrow vendors for support.
Today more than 50% of our clients are located outside the UK and our pipeline is showing a similar trend for offshore clients.
To learn more about how Escrow London can support you in protecting your intellectual property, visit our dedicated software escrow site.