Herzlia, Israel-based Oshap Technologies Ltd’s Decalog BV unit has reached a licensing, development and marketing agreement with Misys Plc’s ACT Financial Systems Ltd unit for Decalog’s IDEE portfolio management and asset management trading product. ACT Financial agreed to pay Decalog an initial non-refundable advance royalty payment of $4.4m and future royalties and agreed to buy services worth at least $1m over the next two years. ACT Financial will have non-exclusive international marketing rights to offer IDEE as a stand-alone product or as an integrated part of complete front- and back-office system, but the rights exclude sales in North America although ACT Financial has the option to obtain non-exclusive marketing rights to the North American market for a further non-refundable advance payment of $3m plus future royalties.
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