E-Exchange goes titsup.com
B2B = Back to Banking
London B2B dotcom E-Exchange, darling of the Sunday Times e-league table, has laid off all staff and fallen into administration.
The company failed to get funding and its fate now lies in the hands of administrators at Mazars Neville Russell. Its assets will be sold off - up for grabs are computer equipment and version three of E-Exchange's software. Version 2, developed with mighty ecommerce vendor BroadVision, was used on the E-Exchange site. The London office had 30 staff. In July, the company said it had 70 permanent employees and 30 temps.
The company, just three months ago tipped for greatness and ranked number 11 in the first Sunday Times e-League table of Europe's top 100 privately-owned e-businesses, should be shifted within two weeks, James May, a manager at Mazars Neville Russell, told The Register.
E-Exchange's business model was a kind of backwards auction - resellers put up volume orders while suppliers battled it out for the lowest offer.
The Irish parent company, E-Exchange Plc, is also believed to be in much the same position "unless an investor comes along at the last minute," said May. No administrator has been appointed yet.
Creditors for the London operation are not expected to get much return for their outlay, May added.
E-Exchange's demise was first reported in new media luvvie magazine Revolution. ®
Drew Cullen writes
E-Exchange is currently listed at no.43 in the Sunday Times e-League, updated only this month. It makes you wonder what state entrants 44 through 100 are in. Other recipients of the e-league kiss of death include Boxman, No.2 in the first e-league table, compiled in June this year and ClickMango, no.71. Boxman has until the end of the month to find a buyer, while ClickMango has gone the way of all flesh.
Here is something we wrote about the e-league in July.
Most problematic of all are the B2B exchanges, several of which pop up in the e-league. Clearly huge money is pouring into this sector, and clearly there will be some winners. But who? We don't have a clue. And neither, we expect, does Bathwick or The Sunday Times".
It takes years of experience to work up a jibe that cheap. And yes, Bathwick, I'm happy to take your call.