ISA has been working diligently for the past 10 months on transforming the Company from a Professional Services and Consulting organization to a software and integrated solutions provider. As a part of this agreement, ISA has agreed to partner with FacilityTeam to develop the next generation of its Asset Management software. The overall agreement will significantly strengthen ISA's capabilities within the data center market it is currently selling to, and open up a much larger potential market for its software and services.
The understanding calls for FacilityTeam to develop ISA's new data center infrastructure management (DCIM) software, custom interfaces to the facilities management software under development by FacilityTeam, and for a senior executive of FacilityTeam to join ISA's management team as its Chief Technology Officer. As an affiliate of ISA and a strategic partner, the companies are expected to cooperate closely on research & development, sales, and market development.
The initial term sheet provides the framework for definitive agreements which are being prepared over the next few weeks. It is anticipated that the software development agreement will be in place by the beginning of November with the completion of the other agreements expected by year-end.
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