A Calgary e-learning software company touted as one of the rising stars of Canada’s tech industry only four months ago has been placed into receivership.
It’s been a freefall for Discoverware Inc. since last November when the 29-employee company was named to the Deloitte & Touche “Fast 500” list, which showcases the top companies in the computer, software and communications industries.
Richter, Allan & Taylor has been appointed receiver and manager of the company’s remaining assets. Chartered accountant Mark Kearl told Business Edge that six workers have been retained. “They are continuing to do what the company used to do while we try to find someone to buy the thing,” he added.
“We hope to have something by the middle of April.”
Company CEO Bob McInnes resigned in mid-February. In October, he said he was pleased with the CDNX-listed company being included on the Fast 500. The company was also ranked as one of the top 100 independent Canadian software companies by the Financial Post magazine.
“As a company we must constantly evaluate the source of our growth and the direction of our future growth,” he said at the time. “The ultimate test of our growth and success in this new economy will be a very traditional measure — profitability.”
Dean Kim, technology analyst with Acumen Capital Financial Partners, said Discoverware has joined the list of small companies that can’t raise needed capital. “It’s a tough market,” he says.
Discoverware provided e-learning solutions to enhance or replace instructor-led training to clients including the U.S. government. It is affiliated with the Drake International group of companies, which provides technology-based training.
