Offering regional and national programs, CIO (and CSO) events bring together some of the most respected names and thought leaders in information technology and security. Presented by CIOs and other senior level executives, these invitation-only programs offer timely topics and strong networking. Learn More »
Social Responsibility's Strategic Benefits
December 15, 11:30 AM - 12:30 PM US/Eastern (GMT-5)
Join Ed Granger-Happ, CIO of Save the Children, for a discussion of how creating an organization that is socially responsible improves staffing, retention, leadership development and overall corporate health.
Working With and Communicating to Your Board of Directors
January 13, 2009, 4:00 PM - 5:00 PM US/Eastern (GMT-5)
CIO panelists who will share tips and experiences working with their boards: Twila Day of SYSCO; Jeff O'Hare, West Corp.; Marc West, formerly with H&R Block.
IT's Role in Growing Mid-Market Companies
January 14, 4:00 PM - 5:00 PM ET (GMT-5)
Mid-market Council members will share their companies' stories and challenges in driving or coping with growth. Panelists represent Veterinary Pet Insurance, Medicis Pharmaceutical, and Intrax Cultural Exchange.
Learn more about the CIO Executive Council »
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Entellium Files Bankruptcy, Intuit Eyeing Assets
Troubled CRM (customer relationship management) vendor Entellium filed Chapter 11 bankruptcy on Tuesday, and Intuit is interested in buying the company's assets, according to documents filed in a Washington state U.S. Bankruptcy Court.
December 03, 2008 — IDG News Service —
Troubled CRM (customer relationship management) vendor Entellium filed Chapter 11 bankruptcy on Tuesday, and Intuit is interested in buying the company's assets, according to documents filed in a Washington state U.S. Bankruptcy Court.
The bankruptcy filing follows the arrest of Entellium's former CEO, Paul Thomas Johnston and ex-Chief Financial Officer Parrish Jones on grounds they lied about the company's sales performance to attract about US$50 million in private investment funds.
The Seattle vendor is known for the video game-influenced design of its Rave product.
An Entellium employee first discovered the alleged fraud, leading to the former executives' arrests in early October.
"As a result, the Entellium Companies lost the support and confidence of their investors," reads one filing in the bankruptcy case. "Given these circumstances, and without investor support, the Entellium Companies quickly determined that they would not be able to operate profitably on a long-term basis. ... The Debtors determined that the best means to maximize the value of the Business is through a sale of their CRM-related intellectual property assets."
The company contacted 28 potential buyers. This led to "discussions with seven interested parties, including four offers to buy the Debtors' customer base."
Entellium eventually began negotiating with Intuit, coming to terms on an asset purchase agreement that would see Intuit pay about $7.7 million, according to court documents.
The agreement is subject to better offers from other parties, according to a court document. Intuit hopes to emerge from that process as the owner of Entellium's assets, said Intuit spokeswoman Diane Carlini.
She declined to provide any details about Intuit's plans for Entellium's software: "We'll know more when it closes and if we are the actual purchaser."
Copyright © 2008 IDG News Service. All rights reserved. IDG News Service is a trademark of International Data Group, Inc.
The Intelligent Enterprise
The Case for A Specialized Security Platform
Protecting the Code: Technology Escrows Safeguards Critical Software
Optimizing Infrastructure Control
Enterprise Findability without the Complexity
Google Case Study: Agile Software
Google Search Appliance - New Features
Complexity is Good
Raising the Bar on Business Service Delivery: Best Practices in Application Performance
Paving the Way for Trusted Collaboration
Enabling the Global Enterprise
Get a grip on your mobile workforce Webcast
Resource Alerts
Get instant email notifications by topic when white papers, webcasts, and case studies are added to our library.
AMD to Bring HD Gaming and Movies to Mobile Phones
Intel-Backed Enterprise 2.0 Suite is Discontinued
Wall Street Beat: IT Faces Tough Start to 2009
Dual-Mode Smartphones Help Boost Wi-Fi Shipments
Palm Announces WebOS and Pre Phone
Nokia Ends Production of Its Only WiMax Device
FAQ: How to Get the Windows 7 Beta
HP Aims TouchSmart Desktop PC at Businesses
Red Hat to host Second Life-like virtual JBoss trade show
Windows 7 Public Beta to be Available Friday
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