Endeavors Technologies suspends shares for lack of funding

Posted by virtualization.info Staff   |   Monday, July 21st, 2008   |  

The application virtualization and streaming startup Endeavors Technologies problems seem never ending.

From May 2006 to October 2007, when it was still called Stream Theory, the company was involved in patent lawsuits with Microsoft (after the Softricity acquisition), Citrix, AppStream and Exent.

In May 2008, it mistakenly announced the advent of a new Microsoft licensing (SPLA) which allows 3rd parties to stream Office.

And last Friday the company suspended its share from the London Stock Exchange detailing a difficult financial situation:

The Company announced on 14th February 2008 that it had anticipated completing a major funding round during the first quarter of 2008 and a Prospectus proposing a placing and open offer was in final draft form. However, financial market conditions at that time were not favourable and the Company had not received commitments from potential placees to the level that the Directors considered necessary to maintain existing operations and finance the planned growth, although the process was still ongoing.

The Company subsequently, having reviewed the alternatives, proposed a new funding initiative based on attracting private and institutional investors using a combination of convertible loan notes and ordinary shares. The first two stages of a three stage process were successfully executed and the Company held a general meeting at which shareholders approved the changes necessary to meet the requirements of the proposed stage 3 investors. In addition the Company received approval from the tax authorities for the proposed treatment of VCT/EIS tax relief of such an investment.

The Company signed a binding heads of terms with a lead institutional investor based on syndication with other institutions.

Regrettably, other potential institutional investors have been unable to agree detailed terms, principally on matters of taxation and security and therefore the Company has been unable to complete the final stage of its fundraising.

The Company had intended to move from the Official List to AIM as part of the proposed corporate strategy and shareholder approval for such a move was obtained at the recent general meeting. A condition of the transfer is that the Directors of the Company must provide a confirmation of at least one year s working capital prior to admission to AIM.

The Directors are not able to make such an undertaking without a significant proportion of the intended stage 3 funding having been committed…

virtualization.info has learned that the amount of money required to immediately recover is over £1.5 million.
Alternatively the company has to wait the profits coming from the current partnerships (like the one with Wallace Systems or the one with Vector Networks), not earlier than Q2 2009.

Of course there’s a third option: the company (and its patents) could be acquired for a cheap price.

Considering the impressive consolidation seen so far in the application virtualization market it’s not a too unlikely scenario:

  • VMware acquired Thinstall
  • Symantec acquired Altiris and AppStream
  • Google acquired Greenborder
  • Citrix acquired Ardence
  • Microsoft acquired Softricity


blog comments powered by Disqus


virtualization.info Newest articles
Release: VMware Workstation 12 Pro, Player 12, Fusion 8 and Fusion Pro 8

August 25th, 2015

VMware today released version 12 of its type-2 client hypervisor products for Microsoft Windows: Workstation Pro and Player and version 8 of its client hypervisor products for Mac OSX: Fusion….

Release: Veeam Management Pack v8 for System Center

August 25th, 2015

Veeam today released version 8.0 of its Management Pack for Microsoft System Center Operations Manager (SCOM or OpsMgr). Using this Management Pack customers running Operations Manager to monitor vSphere and…

Release: Oracle VM VirtualBox 5.0

August 24th, 2015

Oracle has released version 5.0 of its type-2 virtualization platform VM VirtualBox. Starting with a public beta in April this year and some more test builds and a release candidate…

Microsoft releases 3rd technical preview of Windows Server 2016 and System Center 2016

August 19th, 2015

Microsoft today announced the release of the 3rd technical preview of the next version of its Server Operating System (Windows Server 2016 TP3) and corresponding management software (System Center…

From VirtualizationMatrix comes WhatMatrix – UPDATED

August 19th, 2015

We quoted several times Virtualization Matrix, the website created to compare the capabilities of the various virtualization platforms on the market such VMware, Microsoft and Citrix.
This idea sparked…

Release: Linux Integration Services Version 4.0 for Hyper-V

August 18th, 2015

Microsoft has released version 4.0. of its Integration Services for Linux. Hyper-V supports both emulated (“legacy”) and Hyper-V-specific (“synthetic”) devices for Linux virtual machines. When a Linux virtual machine…

Release: Microsoft Desktop Optimization Pack 2015

August 18th, 2015

Microsoft has released version 2015 of its Desktop Optimization Pack (MDOP), which is available as a paid add-on for Microsoft Customers with Software Assurance. In the 2015 release, the…

Release: Microsoft Deployment Toolkit 2013 Update 1

August 18th, 2015

Microsoft has released version 2013 Update 1 of its Deployment Toolkit. The Microsoft Deployment Toolkit (MDT) is a toolset for automating desktop and server operating system deployments. MDT 2013…

Release: Parallels Access 3.0 with Apple Watch Support Capabilities

August 6th, 2015

On August 5, Parallels announced that it has released an update to Parallels Access app for remote access. The American virtualization technology company has added file sharing support to its…

Citrix CEO Mark Templeton plans to retire

July 30th, 2015

On July 28 Citrix disclosed that Mark Templeton, the company CEO, has plans to retire after over 20 years of service, an unexpected news that drew attention on the next…

Citrix announces Q2 2015 results

July 30th, 2015

Citrix announced its financial results for second quarter 2015.
The revenues for the second quarter were $797 million for an increase of 2% compared to Q2 2014.
Net income was $103…

VMware announces results for Q2 2015

July 24th, 2015

VMware released the results about its results for Q2 2015.
VMware, announced a GAAP total revenue growth of $1.52 billion, for an increase of 4 percent compared to Q2 2014. License revenues…

Gartner releases its 2015 Magic Quadrant for x86 Server Virtualization Infrastructure

July 21st, 2015

Gartner released its Magic Quadrant for x86 Server Virtualization Infrastructure for year 2015, once more positioning VMware and Microsoft in the leaders Quadrant.
No surprises in the leaders quadrant, as…

Release: Parallels Mac Management 4.0 for Microsoft SCCM

July 21st, 2015

Parallels announced the availability of Parallels Mac Management 4.0 for Microsoft System Center Configuration Manager (SCCM), extending its range of capabilities to Mac computers.
This new release increases the flexibility…

 
Monthly Archive