In a significant advancement for the Indian technology sector, Castler, a leading provider of escrow services, has unveiled its latest innovation, “CastlerCode.” This cloud-native Source Code Escrow solution is poised to transform the way businesses safeguard their software intellectual property, ensuring both security and business continuity.
The Need for Source Code Escrow
With the rapid digitisation of business operations, software has become a critical asset for companies across various industries. Protecting this intellectual property is crucial, especially in cases where businesses rely on third-party developers. Source code escrow agreements offer a solution by holding a copy of the software source code in trust, ensuring that companies can access it under predefined conditions, such as vendor bankruptcy or failure to maintain the software.
CastlerCode: A Cloud-Based Innovation
CastlerCode leverages cutting-edge cloud technology, marking a departure from traditional physical storage methods. This cloud-native solution ensures that critical software and source code are securely stored and managed, accessible only to authorised parties during specific trigger events. This innovation enhances security, accessibility, and scalability, meeting the evolving needs of modern businesses.
“We are pleased to introduce CastlerCode, which represents a significant leap forward in the way businesses safeguard their software and source codes,” said Vineet Singh, Founder and CEO of Castler. “Our solution combines the convenience of cloud technology with the robust security and reliability that our clients have come to expect from Castler. We are confident that this offering will revolutionise the way businesses approach source code escrow in India.“
Partnering with Industry Leaders for Unmatched Security
To ensure the highest standards of security, reliability, and compliance, Castler has partnered with AWS, a leader in cloud services. This collaboration underscores Castler’s commitment to providing a world-class solution that meets global standards. The integration with AWS ensures that CastlerCode benefits from the latest advancements in cloud security and infrastructure, providing clients with unparalleled protection for their software assets.
Regulatory Backing and Market Growth
The launch of CastlerCode is timely, coinciding with regulatory developments in India. The Reserve Bank of India (RBI), through a notification dated November 7th, 2023, has made software escrow mandatory for all regulated entities. A subsequent notification on July 30th, 2024, extends this requirement to all Non-Bank Payment System Operators (PSOs). These mandates underscore the growing recognition of the importance of software escrow arrangements in protecting critical business applications.
According to industry projections, the global market for software/source code escrow is one of the fastest-growing categories, with a compound annual growth rate (CAGR) of 20%. It is expected to reach $30 billion by 2030. In India, the market is set for significant growth, driven by regulatory mandates and the increasing reliance on software in business operations.
Serving a Diverse Clientele
CastlerCode is designed to cater to businesses of all sizes, from startups to large enterprises, across various industries. Its client base includes public and private sector banks and non-banking financial companies (NBFCs), who are mandated by the RBI to escrow critical applications. This broad applicability makes CastlerCode a versatile solution for any organisation looking to secure its software assets.
“As businesses increasingly rely on software to drive their operations, the need for robust source code escrow solutions has never been greater across the globe,” added Singh. “With our cloud-based offering, we aim to provide a scalable and cost-effective solution that gives our clients peace of mind and helps them focus on their core business objectives.”
A Future-Ready Solution
The introduction of CastlerCode by Castler marks a pivotal moment in the evolution of software security in India. By combining the power of cloud technology with stringent security measures, CastlerCode offers a future-ready solution for businesses seeking to protect their most valuable digital assets. As the market for software escrow continues to grow, CastlerCode is well-positioned to lead the charge, setting new standards for security and reliability in the industry.
