XYAN.com Files for Bankruptcy Protection
Wednesday, April 04, 2001
4/3/01 - (WhatTheyThink) - According to executives close to the company, XYAN.com has filed for bankruptcy protection. Sources said more details will be available in the next 24 - 48 hours. Investors in XYAN.com include Xerox, Banta and the venture capital firm - Foster Management Company. XYAN.com is an Internet-enabled provider of content management and document solutions. The company has document service centers throughout the United States and operates an integrated nationwide digital document network. Last March, Banta increased its equity ownership through a cash payment and asset exchange. XYAN.com acquired Banta’s database management and graphics design operation in Needham, Mass., and some of their digital press assets. XYAN.com also served as an ASP for Banta's B·media digital content management software. Yesterday, Banta announced it would take a $7 million charge against earnings on their XYAN investment and will repossess the facilities transferred last year. Banta said the facilities remain independently profitable and Mark Fleming of Banta said the 40 employees within the facility will return to Banta. Sources said further details will be forthcoming.