Systems integrator XciteLogic has gone into voluntary administration owing $3.8 million to unsecured creditors in the IT industry.
The Perth-based company, with offices in most capital cities, was founded in 2001 and employed around 100 staff. Grant Thornton is overseeing its administration.
CRN sought an interview with XciteLogic managing director Tony Panetta, however he referred all queries to administrator Dino Travaglini.
On its website, XciteLogic boasts of an extensive industry portfolio, including an education, service and training provider accreditation with Apple Australia. The company also said it had relationships with Microsoft, Cisco, HP, VMware and others. It sold into several industry sectors, including health, education and the corporate sector.
Last year the company was named as a winner of a Rising Star Award, sponsored by WA Business News, PwC and Bankwest. It was the only tech company to receive an award.
According to the website, the company had seen revenue growth of 600 percent since 2012 - almost double the growth of 2012 CRN Fast50 winners LeetGeek - and an increase in staff numbers from 22 to 105 in the same period.
Since the administration, around 50 staff have been let go. The administrators blamed the company’s financial problems on undercapitalisation, along with excessive investments in research and development, along with software development.
The administrators, citing the company’s good name and extensive industry relationships, are seeking a buyer for the business.
CRN has requested an interview with the administrator.