PRAXIS Technology Escrow, LLC has announced that they have completed the SOC 2® Type 1 examination and are officially SOC 2 compliant. Achieving SOC 2 compliance is a significant milestone for PRAXIS, as it demonstrates the company’s commitment to the industry’s highest standards for managing customer source code, data and intellectual
property.
“PRAXIS works with innovative software and SaaS organizations around the globe that must meet software and SaaS escrow requirements as part of their enterprise license and subscription agreement. Their intellectual property is the lifeblood of their business and must be protected. PRAXIS maintains the highest standards for properly handling and protecting our clients’ source code, data and other intellectual property. ” said Chris Smith, Founder & CEO of PRAXIS. ” SOC 2 compliance, which is very rare in our industry, is another way that PRAXIS demonstrates our commitment to our client’s information security.”
SOC 2 is a rigorous compliance standard developed by the American Institute of CPAs (AICPA) that is designed to specify how organizations should manage customer data. PRAXIS executed SOC 2 Type 1 this year and will achieve SOC 2 Type 2 during the next audit phase. This SOC 2 certification builds on the long history of commitment that PRAXIS has made to protecting our clients intellectual property.
About PRAXIS
PRAXIS is the innovation leader in the software and technology escrow industry. Founded in 2016, PRAXIS invented the world’s first Automated Escrow solution to ensure that escrow depositing methodology could match the speed of change inherent in agile development. Based in Atlanta, GA PRAXIS serves hundreds leading edge technology companies and their Fortune 1,000 clients worldwide.
If you’re a PRAXIS client looking for a copy of the SOC 2 report, please reach out to support@praxisescrow.com