Phoenix serves as financial advisor to a developer of web-based video technology and successfully sells the Company to a strategic buyer.
The Company was a developer of Web-based video scan technology headquartered in Pittsburgh, PA.
A private placement had failed and the Company was running out of cash.
The Company engaged Phoenix to oversee its financial function. Phoenix assumed control of the Company’s cash management, and reduced the cash burn by reducing headcount, renegotiating the company’s lease, and negotiating settlements with a majority of trade creditors. As a result of Phoenix’s efforts, the Company was able to stay in existence for several months longer than it originally thought, which provided it the time to structure, negotiate, and close a sale of the Company. The strategic buyer discontinued its other lines of business to solely focused on the newly acquired company, which was the leading rich media solution for automated, “production-free” recording, organizing, publishing, managing, and viewing of rich media content.
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