<h1>Virtual Galaxy Infotech Secures Long-Term Maintenance Deal with DCB Commercial Bank PLC in Tanzania</h1>
Virtual Galaxy Infotech Limited (VGI) has executed an Addendum to its existing Software License and Service Level Agreement with DCB Commercial Bank PLC, Tanzania. The agreement secures continued post-implementation support and maintenance services for the company's E-Banker Core Banking Solution Software.
The execution of this Addendum extends a long-standing business relationship between VGI and the Tanzanian bank, which has spanned over ten years. The new contract ensures service continuity for the next decade.
This agreement details the scope and duration of the maintenance services provided to the International Entity. As per the transaction specifics, the total aggregate contract value is approximately USD 15,39,848.00, exclusive of applicable taxes.
Key financial and operational details regarding the agreement are presented below:
| Particulars | Details |
|---|---|
| Client Entity | DCB Commercial Bank PLC, Tanzania |
| Nature of Contract | Addendum to Software License and Service Level Agreement for post-implementation support and maintenance services. |
| Relationship Duration | Over 10 years in association with the client. |
| Total Agreement Period | The agreement shall remain in force for a total period of 20 years from the main agreement date (May 28, 2016) until May 27, 2036. |
| Contract Value | Approximately USD 15,39,848.00, excluding applicable taxes. |
| Related Party Status | The transaction is not a related party transaction, and the client entity is international. |
The contract reinforces VGI's history of supporting critical financial infrastructure through its E-Banker Core Banking Solution Software. The agreement confirms that there is no interest held by the company or its promoter group in the awarding entity.
VGINFOTECH Stock Price Movement
Shares of Virtual Galaxy Infotech Limited are edging higher to ₹150.95 as of 3:30 PM today, climbing a notable 2.97%. The equity trades on live markets with a volume of 63,000 shares, signaling strong momentum in the technology sector.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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