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
Paper: VMware vSphere Virtual Machine Encryption Performance

November 22nd, 2016

Encryption of virtual machines is something that has been requested for years by the security community. VMware continued to postpone its implementation due to the negative operational impact that many…

Quest Software leaves Dell

November 1st, 2016

In September 2012 Dell announced to have completed the acquisition of Quest Software, a Californian company with an history in systems management, security, business intelligence and, falling back in our…

Citrix announces Q3 2016 results

October 21st, 2016

Citrix announced its financial results for third quarter 2016.
The revenues for the second quarter were $841 million for an increase of 3% compared to Q3 2015.
Net income was $132…

Release: VMware vSphere 6.5 & Virtual SAN 6.5

October 19th, 2016

2016 edition of VMworld US has been quite turbulent, on the other hand during VMworld Europe, happening these days in Barcelona, the company announced a few more products for the…

Release: VMware vRealize Log Insight 4.0

October 18th, 2016

Log Insight is a log aggregation, management and analisys tool, that VMware first introduced in 2013 and now is usually compared with Splunk.
Yesterday VMware announced Log Insight’s new major…

Release: Windows Server 2016 with support for Window Server & Hyper-V containers

October 13th, 2016

Yesterday Microsoft announced the general availability of Windows Server 2016 which the company defines as a cloud-ready OS.
Beside fancy definitions, one of the most relevant perks of this release…

Release: Oracle VM 3.4.2

September 22nd, 2016

During Oracle OpenWorld 2016 the company released version 3.4.2 of its enterprise virtualization solution.
Oracle VM is available for both x86 and SPARC based processor architectures and uses the Xen hypervisor…

VMworld US 2016 Wrap-up

September 1st, 2016

Today was the last day of VMware’s flagship conference VMworld in Las Vegas, an highly controversial edition which left a good chunk of the audience disoriented if not properly disappointed….

Gartner releases its Magic Quadrant for Cloud Infrastructure as a Service for 2016

August 11th, 2016

Last week Gartner updated its Magic Quadrant for Cloud Infrastructure as a Service (IaaS) for the year 2016. The Magic Quadrant for the year 2015 was released in May last year…

Release: Ansible Tower 3 by Red Hat

August 2nd, 2016

Ansible is one of the four main players in the automation market, younger then the well known Chef and Puppet, has been launched in 2013 in Durham, N.C. and acquired…

IBM announces earnings for Q2 2016

July 19th, 2016

Yesterday IBM announced its results for Q2 2016.

If we compare with the same quarter in 2015 earnings per share, from continuing operations, decreased 22%. Net income, from continuing operations,…

Red Hat announces earnings for Q1 2017

June 24th, 2016

Red Hat announced its financial results for the first quarter of fiscal year 2017.
Total revenue for the first quarter was $568 million, with an increase of 18% from the…

Release: Red Hat Enterprise Virtualization 4.0 Beta

June 24th, 2016

Today Red Hat released in beta version 4.0 of its KVM-based virtualization platform Red Hat Enterprise Virtualization (RHEV).
As a major release RHEV 4.0 ships a wide series of enhancements including:

Red Hat…

WhatMatrix community keeps growing

June 21st, 2016

virtualization.info has been following WhatMatrix since its inception and, after 6 months since the website has been launched, we are happy to report that its community is growing and contributing…

 
Monthly Archive