London-based Owner Pulls Plug After New Management Team Finishes Strategic Evaluation of Company
The board of realty details company Xceligent today announced it decided to liquify the business and apply for Ch. 7 liquidation under the U.S. Bankruptcy Code.
The choice to shut down comes less than a month after Xceligent’s owner, London-based Daily Mail and General Trust plc (DMGT), revealed it had written off its financial investment in the business and recorded a disability charge of US$ 56.54 million as part of its full-year outcomes.
At the time, DMGT set up a brand-new management team at Xceligent and directed it to carry out a strategic evaluation of its U.S. real estate info services company. Today, DMGT announced that the tactical evaluation had been finished and the board made its choice to liquidate.
Prior to the decision to write-off DMGT’s investment in business, Xceligent had actually invested greatly to expand into the big New york city City market, but DMGT authorities acknowledged during its latest quarterly financier presentation last month that the effort had disappointed expectations.
DMGT got Xceligent in 2012 and backed the firm’s planned nationwide expansion. Inning accordance with a released report, DMGT invested more than ₤ 100 million in the service in a quote to compete with its U.S.-based rival, CoStar Group. (CoStar Group is the publisher of CoStar News.)
Previously this year, CoStar claimed it uncovered extensive proof of illegal copying of its exclusive details by Xceligent-directed professionals and filed suit. Xceligent counter-sued and the two firms have considering that participated in a protracted legal conflict.
Earlier this week, The Wall Street Journal reported that a proposed settlement contract collapsed after the two companies failed to pertain to terms relating to actions CoStar requested to secure its information from being stolen in the future, consisting of deleting certain material in Xceligent’s database, the Journal reported.
Editor’s Note: More updates will be contributed to this breaking news report as details becomes available.