Interbizz calls in the receivers
15 April 2003 | 2310 views | 0
Interbizz Financial Systems, a provider of technology for capital markets trading, has gone into administration following a failed campaign to find a buyer for the privately-owned company or secure additional funding from investors.
The cash-strapped vendor has called in receivers Tenon Recovery to wind-up its operations and conduct an asset sale to pay off debtors.
Interbizz was founded in 1995 originally in Northern Sweden and moved its corporate headquarters to London two years ago after securing funding from venture capital companies ETF Group and Elderstreet Investments.
The company delivers on-line financial securities trade order management, order routing, and trade execution software for the global retail, institutional and enterprise sectors.
Clients include investment, retail, and commercial banks as well as brokers and investment managers: Argentaria, Bank Crozier, Brunswick Direct, Caibon, Deutsche Bank, Dresdner Kleinwort Benson, Interactive Markets International, iAsia and Nordnet. Three of the top ten global investment banks and several retail brokers, including the largest in Scandinavia, use Interbizz’s TMORA product suite to power their Internet trading services.
Interbizz' last capital injection was for £2.55 million in September 2001. The funds were used to restructure the business, including the consolidation of its development offices in Northern Sweden, and focus on the next release of the Interbizz product range.
The company is understood to have spent the past year looking for additional investment and exploring the possibilities of a trade sale but has found its efforts stymied by the depressed business climate.