Level 8 is to acquire ownership of the Cicero software integration trademark from Merrill Lynch. The deal raises the investment bank's stake in the vendor and entitles Merrill to royalties on future software sales.
The Cicero software was initially developed for use at Merrill Lynch to integrate existing applications and legacy systems. Merrill credits Cicero as being one of the factors in its 2000 Call Center of the Year award for the Finance and Banking industries by Call Center Magazine.
As a result of the deal, Merrill Lynch will receive 250,000 shares of stock of Level 8 Systems, bringing its total to approximately 1.2 million shares. In addition, the investment bank will enter into a revenue sharing agreement that enables it to receive royalties on future Cicero software sales.
"This agreement reflects Merrill Lynch's support of our strategy to bring the best application integration software to a market that has been using inefficient home grown solutions," says Tony Pizi, CEO of Level 8 Systems.