Failed sale clouds startup's future
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Vega Cloud Inc., a software company that helps organizations manage cloud spending, has failed to close a strategic sale, leading to a workforce stoppage and a petition to place it into receivership. The company had $12,000 in its primary checking account and over $6 million in liabilities, prompting a receivership order on January 15.
Vega Cloud Inc., a Liberty Lake-based software company, was in late stages of a strategic sale that ultimately failed. The company had $12,000 in its primary checking account and over $6 million in liabilities. A receivership order was entered on January 15. Vega Cloud had executed an Assignment for the Benefit of Creditors, assigning Barry W. Davidson as its receiver. The failed sale led to a workforce stoppage and a notice to employees not to report to work. The company's clients, including Mission Cloud Services, were informed of the failed sale and the limited ability to provide support and services.
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