Tadpole Technology - Softbank
Ok, well in a post last night I mentioned that I thought the Softbank deal was up for renewal or renegotiation…………..how spot on with the date was I, I even surprised myself.
“At the beginning of each of the succeeding three years of the agreement term, Softbank has the option to renew its rights to exclusivity and continuing use of the software on payment of an annual support and maintenance fee of approximately $1.0 million per annum”
Dates for agreement
“(being 15 March 2004 in respect of StreamFlow and 8 June 2004 in respect of StreamWeaver).”
So a 3 year deal started on 15th March 2004 brings us nicely up to 15th March 2007 – back to the table time…….if they still want to use our products.It will be interesting to see if we get a further contract with them or information that the deal has ended.
http://www.tadpoletechnology.com/downloads/investors/tadcirc2409.pdf (2004)
4. Agreements between StreamTheory and Softbank
StreamTheory has signed two agreements with Softbank. One agreement is dated 14 November
2003 and grants Softbank a one year term to allow Softbank to test StreamTheory’s software.
The other agreement is dated 4 March 2004 (as amended) and relates to the exclusive licence anddistribution by Softbank of StreamTheory’s software within Japan (the “Softbank Licence
Agreement”). The Softbank Licence Agreement allows Softbank exclusively to use StreamTheory’s Stream Flow and Stream Weaver software within Japan from the date on which initial software was installed successfully (being 15 March 2004 in respect of StreamFlow and 8 June 2004 in respect of StreamWeaver).
A material aspect of the Softbank Licence Agreement relates to Softbank’s contractual obligations to purchase StreamTheory software and its option during the term of the licence to purchase additional software at a specified price, thus potentially increasing the total contract value. The initial value of the Softbank Licence Agreement is $9.7 million. During the first year, Softbank is contractually committed to place orders totalling $6.5 million, comprising the software licences and the first year’s support and maintenance.
StreamTheory has already billed and received $2.0 million of this amount, leaving a balance of $4.5 million, which the Directors anticipate will be billed and received during the course of the next six months. At the beginning of each of the succeeding three years of the agreement term, Softbank has the option to renew its rights to exclusivity and continuing use of the software on payment of an annual support and maintenance fee of approximately $1.0 million per annum. Revenue under this agreement is recognised rateably over the contracted support and maintenance period.
