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Publicly traded storage security vendor Kasten Chase has discontinued operations and filed for bankruptcy after failing to find a buyer or partner to pull it out of its financial hole. (See Kasten Chase Goes Under.)
According to a statement released yesterday, the firm was engaged in discussions with "a number of parties over many months" in an effort to resolve its financial problems. Earlier this year, for example, the vendor announced a net loss of $8.3 million for 2005 and signed a $1.5 million credit note to continue its operations. (See Kasten Chase Reports Financials.)
Specifically, Kasten Chase was looking for a potential buyer or a reseller agreement "with an established storage vendor," according to the company's statement, but execs confirmed that the firm was unable to clinch a deal in time.
Analysts were not exactly stunned by the news...
Get all the gruesome details at Dark Reading.
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