Perth-based IT services provider, XciteLogic, has gone into administration.
Dino Travaglini and Matthew Donnelly from Grant Thornton were appointed as administrators on May 9.
According to a report the company owed $3.8 million to unsecured creditors.
Travaglini said the company had under-capitalised and invested too much in software development and R&D.
According to XciteLogic’s website, it began trading as a small tech consultancy in 2001, growing into a national company with offices in Perth, Melbourne, Sydney, Adelaide and Darwin.
It was an Apple Authorised Education Reseller, Authorised Service Centre and Training Provider, with the company stating it had one of the biggest teams of Apple-certified consultants in the country.
It was also a Microsoft Gold Partner and supplied Cisco, Citrix, HP, IBM, Xirrus, Sophos, CommVault, VMware and SonicWall products.
In March last year, XciteLogic merged with its former rival, Key Options Technology, which itself faced cash flow issues.
At the time, XciteLogic managing director, Tony Panetta, said the merger increased its resources and services provided to local businesses, governments and schools.
The expanded team involved 90 staff across the country.
Last year, XciteLogic received a Rising Star award after being recognised as one of Western Australia’s fastest growing businesses.
In a statement at the time, the company said it went from a small backyard operation into a multi-million dollar national business, experiencing turnover growth of 600 per cent since 2008.
More details to follow.