The slowing US market is blamed for software company Genie Systems going into receivership.
Sixteen percent shareholder Strathmore says while further funding options for the company had been pending, market conditions meant it was unable to close any financing deals.
The receiver, McCallum Peterson, says Genie partners will receive a letter detailing what is happening to the firm. Customer and sales support will continue as normal.
Genie Systems was formed in 1998 to market e-commerce software to mid-market companies worldwide. Products include Order Genie, an internet-based order-entry system which lets firms describe their products online and set up a system for orders; Orderware, a renamed version of the above, re-written in Java; and Data Transformation Manager, which helps convert data from one format to another and securely transfer it between business partners.