Assets & Subsidiaries of Endeavors PLC acquired by Acresail Ltd
15/08/2008
Assets and Subsidiaries of Endeavors plc acquired by Acresail Ltd – 15th August 2008
Following the entry of Tadpole Technology plc/Endeavors plc into administration on 8th August 2008, the Board of Acresail Ltd today announced that the assets and three trading subsidiaries of Endeavors plc (Endeavors Technology Incorporated, Stream Theory Incorporated, Endeavors Technologies Limited) have been acquired as part of a VC-backed management buy-out for an undisclosed sum. Acresail Ltd is a UK limited company set up solely for the purpose of this acquisition.
Paul Hacker, the CEO of Acresail Ltd said: “We are delighted to have acquired potentially valuable assets and technology as part of this deal. Our intent now is to restructure and re-position the company and its product in the market place, so that we can drive it forward to achieve the success that the excellence of the product and the people deserve. Throughout this process, we will ensure we retain the key skills within the business along with the customers and partners that the company needs to succeed in the longer term. The £2m of new investment made available as part of the deal will ensure that we can take the company forward without the significant cash constraints to which it has been subject in the past. This is an exciting time for the company, its staff, partners and customers.”
