WordLogic has received a non-refundable financial commitment to purchase exclusive rights to its legal enterprise solutions for North America.
WordLogic’s predictive iKnowU keyboard, enriched with REACH technology, supersedes the need to exit core applications so that users will no longer have to navigate through numerous applications to obtain information such as directions, restaurant listings, ratings and reviews, travel information and other contextual data from Google or other mobile and content sites.
REACH is available on Android and soon on iOS 8.
The licensing will be to a US-Virginia based private equity group. The terms of the transaction include:
• Exclusive licensing rights for North America
• USD1 million one-time payment
• 10 per cent royalty on all sales
• 15 per cent annual software maintenance fee on all sales
WordLogic's obligation will be to provide a commercial product providing small to medium law firms a better user-experience creating and researching legal documents by using its iKnowU and REACH technology.
