Loss-making market data technology vendor CMS WebView is calling for an extraordinary general meeting to propose that the business be placed under voluntary liquidation.
London-based CMS put itself up for sale in May after struggling in recent years to secure any sales of its proprietary TDI ticker plant software.
In a statement CMS chairman Keith Young says since May the vendor had held talks with a number of companies wishing to evaluate TDI but "none of the discussions have progressed beyond an early stage".
Young says the company is solvent but now has limited financial resources at its disposal.
"The board has therefore taken professional advice and with considerable regret determined that it should recommend to shareholders that the solvent company be placed in members voluntary liquidation (MVL)," says the statement.
Sales of the TDI system dried up in 2004 and despite moves to introduce a new sales model last September - where CMS sells the intellectual property (IP) for TDI to clients - new contracts have failed to materialise. The vendor also recruited former head of LCH.Clearnet David Hardy as an advisor to provide practical support using his business contacts in the banking technology sector.
CMS says it will be writing to shareholders within the next few days and will be convening an extraordinary general meeting to consider and pass the necessary resolutions to implement the voluntary liquidation.
The vendor says in the meantime it will continue discussions with companies that might find value in its TDI product.