Intelligent Systems Enters into Material Definitive Agreement with The Goldman Sachs Group, Inc.

Intelligent Systems (NYSEAMERICAN:INS) recently disclosed a significant development in a Form 8-K filing with the Securities and Exchange Commission. On October 23, 2024, CoreCard Corporation, a subsidiary of Intelligent Systems and a Georgia corporation, formalized Omnibus Amendment No. 2 with The Goldman Sachs Group, Inc. (GS).

The Amendment encompasses several key agreements, including the Software License and Support Agreement dated October 16, 2018, the Master Professional Services Agreement dated August 1, 2019, as well as Schedule of Work No. 1 and Schedule of Work No. 2 to the Professional Services Agreement, which were amended on January 13, 2021.

Effective as of October 23, 2024, the Amendment extends the Support Services term of the Software License and Support Agreement through December 31, 2030, along with extending the term of the Schedules of Work through the same period. Notable points of the Amendment include a provision for increased monthly fees under Schedule of Work No. 2 starting January 2025 and granting GS the right to terminate the agreements no earlier than January 1, 2027, with specific termination payment obligations if done before December 31, 2030.

While the filing provided a high-level overview of the Amendment, it emphasizes that all other essential terms of the agreements and schedules, as modified, remain unaltered. For a comprehensive understanding of the changes, the complete Amendment will be attached as an exhibit to the Company’s forthcoming Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.

The Form 8-K disclosure underscores the commitment of Intelligent Systems’ subsidiary, CoreCard Corporation, to strategic agreements and partnerships, aiming to foster continued growth and operational efficiency within the organization.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Intelligent Systems’s 8K filing here.

Intelligent Systems Company Profile

Intelligent Systems Corp. engages in the management of emerging technology companies. It operates through the CoreCard Software, Inc and affiliate companies, which involves in the design, development, and marketing of software solutions to corporations, financial institutions, retailers, and processors to manage credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions.