Can this move result in anything other than liquidation?
The NoSQL business, Basho, has hit an all-time low as it enters receivership after defaulting on payments.
During the last month, Basho had been receding rapidly as a business, with staff reportedly losing jobs and offices closing on across the globe.
Major bases including the one in Japan have closed this year, along with the UK hub, from which the staff were reportedly dismissed in March.
According to documents seen by The Register, the Business Development Corporation of America, the main creditor of Basho, filed for receivership at the beginning of July. Pivotal Solutions, a HR specialist has stepped in as overseer as a result of this.
Receivership is a type of bankruptcy; it involves a secured creditor or bankruptcy court taking control of running the company from executives and the board. The move can steer the business clear of liquidation, and lead to a restructuring.
Despite a positive arrival onto the NoSQL scene in 2008, dramatic changes made by new leadership and failed deals accelerated the company’s ultimate misfortune.
Signs of potential success still remained in 2015, as Basho Technologies partnered with Cisco; this alliance targeted the integration of Riak, a distributed NoSQL database, within Apache Mesos, an open-source cluster manager.
Also in 2015, Basho secured funding of $25 million, this was intended to accelerate the business and its pursuit of rivals including MongoDB and Couchbase. Basho stated that it has seen a rise in Riak enterprise deployments across a range of markets.
In 2013 Basho teamed up with the NHS with plans to deliver a digital healthcare system, another lofty height from which the business has since fallen. This move had been agreed on the back of Basho’s success in aiding the Danish Health Authority in implementing a national record system.