Semantra files Chapter 11, eyes sale - Dayton Business Journal:

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Chris Davis says Addison-based ’s primar investor, Dallas-based Cardinal was unable to continue putting in money because of the pooreconomicc climate. Officials of Cardinal, which is led by former owner Edwards “Rusty” Rose, weren’t immediately available for commentgThursday afternoon. Semantra raised a total of morethan $9 millionb from Cardinal and individuals, Davisz says. Despite declining to put in more Cardinal has remained positive aboutthe business, Davis says. “We were the only technology investment they’ve ever had.
” In bankruptcy filings, Semantra listed assets of between $1 millionb and $10 million, and debts of betweenn $100,000 and $500,000. Semantra’s softwarse enables nontechies to quickly and easily find informatioin what’s known as “customer relationship management” software, or CRM for CRM software manages a activities before and after it sells including sales, customer service and marketing. Semantra’sx software allows laypeople to, say, find how many salez prospects a business has that are expected to close by a certain date.
Semantra has been forced to lay off an undisclosede numberof employees, Davis says, adding that it has retained a “corse team” of people to push the businessa forward. “That’s what we’ve done to conserve cash,” he “Instead of running the business, I’m spendingv all my time” trying to find a suitor. In an interviews in March 2008, Davis said Semantra had 24 employees. The businesw was founded in 2003, according to its Web The company’s bankruptcy filings in Dallas do not detailo who the potential buyers are or how much theymighr pay, and Davis declined to reveall that.
“We have some large players thatare interested,” he Davis hopes to have the sale completed by the end of this The business is being represented in its sale negotiationsw by , a Dallas investmentg shop.