NowDocs Files for Bankruptcy, Taylor Corp. to Use Technology in Venture
Press release from the issuing company
August 6, 2002 -- (WhatTheyThink.com) -- NowDocs, a web-based software company serving the printing industry, has filed for Chapter 7 bankruptcy in California. The filing took place in June, two weeks after the company announced the signing of an exclusive licensing agreement with Taylor Corporation.
Taylor Corporation is a privately held company based in North Mankato, Minnesota that has around 90 affiliated companies with autonomous marketing and printing operations throughout North America, Europe and Australia.
NowDocs’ bankruptcy filing brings an end to the Aliso Viejo, California firm that initially provided Internet-based, same-day print and delivery service to Global 2000 companies. In its prime, the company served over 20 markets and had over 150 employees. NowDocs raised over $30 million from investors like Staples and Goldman Sachs.
Last fall, NowDocs announced it would only offer software to Global 2000 companies and would cease printing for customers. Mr. Brad Adamske, CEO, said the decision would ultimately provide customers with “multiple avenues for using the NowDocs award-winning interface and will allow us to focus on continually enhancing the technology and providing high-value solutions.”
Just before filing for bankruptcy, NowDocs exclusively licensed its ASP technology to Taylor Corp. The technology coupled with Taylor’s production network was to improve the print buyer’s “workflow, cut turn-around time and avoid the cost of leakage when print jobs are taken to higher priced retail copy shops.”
Sources indicate that the integration process continues as Taylor Corp. places it as a complement to its Single Resource Engine. Taylor calls this engine “a best-of-breed, Web-based, print procurement system, which contains the broadest array of product configuration and order placement solutions.”
The company’s web site, www.singleresource.com, has a short “Flash Presentation” but is still under development. Sources report that the NowDocs technology will be a major part of Taylor’s revamped Single Resource Engine and it is likely that Mr. Adamske will be “closely associated” with this Taylor business.
It is unclear if Taylor has acquired the technology outright since the bankruptcy. The phone number at the NowDocs web site actually rings to Taylor’s Single Resource company and all references to past NowDocs press releases have been removed from the site.
Mr. Adamske declined to comment for this story.
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