FleetBoston Financial has sold its two-year old online safe deposit box business, fileTrust, to Massachusetts-based Internet software company Mangosoft.
As part of the deal, Fleet and Mangosoft have entered into a two-year enterprise license agreement for the internal use of fileTrst by Fleet's employees and the two companies will continue to market fileTrust. Fleet will also have a seat on Mangosoft's advisory board. Terms of the agreement included an undisclosed amount of cash and equity in Mangosoft.
Fleet launched fileTrust to its customers in December 2000 as an online safe deposit box for electronic documents. The service ensures that sensitive electronic documents and information are kept private, secure and are available to authenticated users from any Internet-connected PC, at any time.
FileTrust customers are being migrated to Mangosoft with immediate effect. Users can continue their online storage service or upgrade to Mangomind Business Internet File Service, Mangosoft's proprietary workgroup collaboration service.
Dale Vincent, president and CEO of Mangosoft, comments: "fileTrust, in conjunction with our Mangomind Internet collaboration services, broadens our offerings to encompass the complete range of business applications, from individual business people to large enterprise businesses."