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
OpenStack 2015 Board of Directors Elections

November 28th, 2014

The OpenStack Foundation regularly conducts Elections for Individual Directors of the Foundation’s Board, next elections for the 2015 Board of Directors are going to be held from Monday January…

Paper: Dell Wyse Datacenter for VMware Horizon View Reference Architecture v.6.6

November 28th, 2014

Dell has released a paper titled: "Dell Wyse Datacenter for VMware Horizon View Reference Architecture v.6.6". The paper which contains 110 pages contains a Reference Architecture for the design, configuration…

Paper: Creating a VMware Software-Defined Data Center

November 27th, 2014

VMware has released a paper titled:"Creating a VMware Software-Defined Data Center". The paper which contains 29 pages describes a reference architecture for a Software Defined Data Center (SDDC) using VMware…

Release: 5nine Cloud Security 5.0 for Hyper-V

November 26th, 2014

5nine has released version 5 of its Cloud Security for Hyper-V product. Cloud Security for Hyper-V is a solution which helps to ensure security and compliance for Hyper-V environments. It…

Release: Oracle VM VirtualBox 4.3.20

November 24th, 2014

Oracle has released a new version of its virtualization platform VM Virtualbox. Version 4.3.20 is considered a maintenance release which can be installed on top of version 4.3. The update…

Tech: Microsoft Infrastructure as a Service Foundations

November 20th, 2014

Microsoft has published a series of blog articles called the "Microsoft Infrastructure as a Service Foundations". The goal of the Infrastructure-as-a-Service (IaaS) Foundations series is to help enterprise IT…

AWS re:Invent Day 2 Keynote Wrap-Up

November 17th, 2014

The Day 2 at AWS re:Invent in Las Vegas saw on stage Verner Vogels, amazon.com CTO, in a keynote mostly focused on devs.
Two the key announcements:

Amazon EC2 Container…

AWS re:Invent Keynote Wrap-Up

November 13th, 2014

Yesterday at AWS re:Invent 2014 in Las Vegas, Andy Jassy (SVP, Amazon Web Services) announced, as expected, a set of new products and services that will be available to Amazon’s…

Release: Veeam Availability Suite v 8

November 12th, 2014

Veeam today announced the release of version 8 of its Availability Suite. It combines the Veeam Backup & Replication version 8 product together with Veeam ONE version 8, where Backup…

Release: Puppet Labs Puppet Enterprise 3.7

November 12th, 2014

Puppet Labs has released version 3.7 of its Puppet Enterprise. Puppet Enterprise is a Configuration Management platform using a model based, declarative approach build on top of Puppet which…

Midokura MidoNet goes Open Source

November 4th, 2014

Midokura is a Japanese startup that released, back in 2013, MidoNet a network virtualization solution for OpenStack.
Yesterday, at OpenStack Summit in Paris, the company announced the decision to…

Release: Red Hat Cloud Infrastructure 5

November 3rd, 2014

Red Hat today announced the release of version 5 of its systems management solution for Infrastructure as a Service (IaaS) private clouds based on the OpenStack platform, supporting OpenStack, Amazon…

Amazon releases AWS plugin for Microsoft System Center Virtual Machine Manager

October 30th, 2014

Amazon has released the AWS System Manager for Microsoft System Center Virtual Machine Manager (SCVMM). AWS System Manager is an add-in for SCVMM which allows customers to monitor and manager…

Paper: Project VRC: Phase VII – Impact of Microsoft Application Virtualization (App-V) 5.0, Optimizations and Best Practices

October 29th, 2014

Project VRC, an ititiative started by LogIn Consultants and PQR, has released a new Project Virtual Reality Check (VRC) whitepaper titled:”Phase VII – Impact of Microsoft Application Virtualization (App-V) 5.0,…

 
Monthly Archive