Impaq in administration, up for sale
- 22 September, 2003 12:09
The directors of specialist education reseller, Impaq, have appointed James Stewart and Peter Walker of Ferrier Hodgson as administrators after running into financial difficulty.
The administrators have indicated that it is in the best interest of the 40-plus schools that rely on Impaq for their connectivity needs that the company - or at least its software assets - is sold as soon as possible.
“I am urgently seeking expressions of interest from parties interested in buying the company’s proprietary software on the basis that they may continue to support the school client base into the future,” administrator, James Stewart, said.
Stewart said it was vital that the schools' services were not interrupted as they were currently moving into examination periods.
The networks would continue to operate as normal while the future of the company was determined, a spokesperson for Ferrier Hodgson said.
Stewart said that Impaq ran into financial difficulty due to a lack of working capital.
Since administrators were appointed late last week the company has reduced its staffing levels from 22 to 18. In its heyday during the dot-com boom, the company employed more than 40 staff.
Impaq began its operations in Melbourne in 1997, originally as an ISP.
As the ISP market consolidated, the company moved into content provision. The company installed thin client computers, broadband connectivity and intranet solutions on school campuses, enabling students and staff to access the network via VPN from home.
The company also developed e-learning software to enable schools to push educational content on these networks.