Datareach rises from the ashes

Datareach rises from the ashes

US COMPANY Anacapa Ventures has bought the assets of Datareach, the Napier internet equipment company in liquidation, and renamed it XtendReach.

An XtendReach employee would not say whether the new company has employed former Datareach staff — of which 19 of the 25 worked without pay earlier this year.

But a written statement from Anacapa says all employess of the new venture are shareholders of it. Datareach liquidator Gary Traveller says Swedish phone company Ericsson has sold XtendReach the intellectual property, which it bought back when Datareach got into financial strife.

Datareach, once wholly owned by Ericsson, went into liquidation on December 8 last year after its new parent, Tennyson Networks of Australia, entered voluntary administration in October and was unable to provide the Napier company with working capital.

Perth-based investor Ascent Capital has since bought Tennyson and hopes to re-list it on the Australian Stock Exchange.

California-based Anacapa was registered in New Zealand two weeks after Datareach went into liquidation.

An unnamed source told Reseller News last month that there was speculation that Tennyson had reneged on its Datareach purchase agreement with Ericsson because it had not stayed solvent for at least six months following the acquisition.

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