Intransa Wind Down InvestigatedBy: Carlton Purvis, Published on Apr 23, 2013
While we have been reporting for more than a month about the failure of Intransa, there is still no official public announcement. Indeed, visitors to their website who did not know better, would simply assume that everything is just fine. However, we have obtained an internal document from Intransa's 'business advisor' and conducted an interview with them about how the company is being wound down and what is happening to its assets.
We have confirmed that Intransa, Inc., a Delaware company, i.e., the Intransa you know, has transferred all of its assets to a new California company named Intransa, LLC, for liquidation to pay off its debt (according to a letter mailed to creditors this month). The official name for what is happening is called an "Assignment for Benefit of Creditors," an alternative to bankruptcy. Intransa and Intransa, LLC have “no corporate affiliation ... despite their similarity in name,” according to the letter.
The deal was closed a few weeks ago, and almost anyone who has done business with Intransa should receive a copy of the letter, according to Sherwood Partners, LLC, the accounting firm handling its transactions. They would not disclose how much money Intransa has left to disburse, but we do know that the company has received a total over $100 million investment through the years. However, we assume that not much is left, given their current situation. Creditors have until September to submit claims for payment.
Where is Intransa's IP?
Some former Intransa employees are now at a new company called Viakoo, according to correspondence the company sent to former Intransa customers. Viakoo has taken over support for Intransa products. The company also says it owns the Intransa software source code, however, Sherwood Partners says Intransa only sold “certain assets” to Viakoo and Intransa's intellectual property was not one of them. The firm says that intellectual property was sold to an undisclosed third party.
In our last post we noted that Viakoo and Intransa shared the same office address. This same address is the address for Sherwood Partners. They say Intransa moved into the building when it went under, then Viakoo moved into its suite after it took over handling Intransa support.
Carefully Check Viakoo / Intransa
Former Intransa customers looking to Viakoo for services should carefully check and verify who actually owns Intransa's intellectual property as there appears to be a discrepancy in what is being claimed. This could impact how well Viakoo is able to provide services in the future.