Castler, a leading provider of escrow services in India, today announced the launch of its innovative cloud native Source Code Escrow solution under the brand name “CastlerCode”. This groundbreaking offering is the first of its kind in the country, providing a secure and efficient way for businesses to protect intellectual property of their software and ensure business continuity.
CastlerCode leverages cutting-edge cloud technology to store and manage critical software and source code, ensuring that it is accessible only to authorized parties in the event of predefined trigger events. By eliminating the need for physical storage and manual processes, the solution offers enhanced security, accessibility, and scalability to meet the evolving needs of modern businesses.
“We are pleased to introduce CastlerCode, which represents a significant leap forward in the way businesses safeguard their softwares 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 revolutionize the way businesses approach source code escrow in India. Singh further added that “Software/Source Code Escrow is one of the fastest growing categories globally at a CAGR of 20% and is poised to reach $30Bn dollars by 2030.
CastlerCode has partnered with AWS, the leading cloud service providers and industry experts to ensure the highest standards of security, reliability, and compliance for its Source Code Escrow solution.
In India the market is set for humongous growth as RBI through its notification dated 7th November 2023, has made software escrow mandatory for all regulated entities. Another notification by RBI dated July 30th 2024 mandates all Non-Bank PSO’s to keep the custody of source codes in an escrow arrangement.
CastlerCode boasts of clients including public and private sector banks and NBFCs, who are mandated by the RBI to escrow critical applications. The solution is designed to cater to businesses of all sizes, from startups to large enterprises, across various industries.
“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 and we intent to build a world class SaaS product for the world from India.” 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.”