Izodia closes after partner hunt fails

7 August 2002
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08 August 2002 | Robin Parker

UK-based business-to-business e-commerce software vendor Izodia has gone into liquidation after an unsuccessful search for a strategic partner.

Rejecting the idea of a buy-out, the company said in April that it would need a partner to continue operating.

Martin Frost, executive chairman, said the company had been fighting an uphill struggle in a crowded market. He blamed "the current lack of confidence in our marketplace, and the desire of customers to deal with larger and more established companies regardless of the underlying product quality".

Izodia was launched as Infobank in 1994 and had spent the past year scaling back its operations in an attempt to stay in business.

A savings drive in the second half of last year cut annual spending in half after the company admitted that earlier expectations for revenue growth were unrealistic.

Plans to form several collaborative partnerships with firms across Europe and the US during 2002 also failed to get off the ground.

SMaug2002

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