(Tiper Stock Exchange) – unlimiteda banking group founded by Corrado Passera and listed on Euronext STAR Milan, communicated that they were contracts signed of detail in execution of the binding commitments undertaken (long form agreement) with the Engineering group on 18 April. The long-term industrial partnership between illimity and Engineering concerning the technology platform developed by the bank.
The agreement provides for a corresponding for illimity of 55.5 million euros, which will be accounted for by the bank in the second quarter of 2023 and paid in tranches in the period 2023-2026, to which a further total of 4.5 million euros may be added in the period 2024-2032 following updates of the platform made available by illimity that Engineering has the right to acquire.
Payment by Engineering to illimity of one is also envisaged predetermined royalty structure on the results that will be achieved through the offer to other platform operators as well as the exclusivity for Engineering in marketing for the period 2023-2032, a period which may be further extended.
With the definition of the detailed contracts, a assistance agreement for professional services provided by Engineering to illimity, illimity group companies or, in general, the illimity ecosystem, for 15.6 million euros per year (plus VAT) guaranteed for the period 2023-2032.