Italian Illimity Bank has sold its IT platform source codes to Engineering Group in a €55.5 million deal. The agreement will allow Illimity to increase the market potential of its IT assets, while Engineering Group will expand its portfolio of solutions, applications, and platforms, as well as provide expertise and support to Illimity’s IT platform development.
Facts
- Illimity Bank sold the source codes of its IT platform to Engineering Group for €55.5 million.
- The deal will be paid between 2023-2026, with a potential additional €4.5 million between 2024 and 2032.
- The agreement will allow Illimity to increase the market potential of its IT assets.
- Engineering Group will expand its portfolio of solutions, applications, and platforms, as well as support Illimity in future developments.
- Engineering Group will pay “significant” royalties to Illimity based on the gains realized through the offering of the IT platform to third parties.
- Engineering Group will provide expertise and specialist skills to support the long-term development of Illimity’s IT platform and become the bank’s technology partner of choice.
- Contractual details will be finalized by June 30, 2023, with an option to extend that deadline if contracts are not signed by that date.
