Information Systems Associates, Inc. (IOSA: OTC) said it has agreed to enter into a joint venture with FacilityTeam, Inc. to cover a number of strategic initiatives, including the rights to purchase up to a 20% stake in FacilityTeam, software development services, and distribution rights to its facilities management software.
FacilityTeam was recently formed to focus on providing leading-edge computer aided solutions for facilities management. The FacilityTeam´s principals are successful software developers and entrepreneurs with 20 years of experience developing solutions in this market space.
As a part of this agreement, ISA has agreed to partner with FacilityTeam to develop the next generation of its asset management software.
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.
Information Systems Associates, based in Stuart, FL, is a provider of mobile data center management systems and turnkey data centre management solutions. The suite of products and services include data centre asset/inventory management, data centre management software and data centre data collection. The company´s website is at http://www.isa-inc.net
FacilityTeam develops best of class software solutions for the facility management industry. The company´s website is at http://www.facilityteam.com