NewHyperG AG continues operations as wells as delivers Products, Support and Professional Services in place of the old Hyperwave AG.
Employees of the German offices are being taken on and over 100 employees remain employed in the group of companies.
Investor Global Equity Partners delivers future predictability & security for customers.
The uncertainty has ended for the customers and employees of Hyperwave AG, an ECM software vendor, who had been under temporary insolvency since the end of September. "We were able to realize a solution for the customers and partners that allows for the business to be continued, including the delivery of products, support and professional services of the old Hyperwave AG”, announced the insolvency administrator Dr. Michael Jaffé today.
Effectively November 28th, 2005, the NewHyperG AG acquires, via an asset deal the assets of Hyperwave AG, which include all copyrights, patents, intellectual property and usage rights of the AG’s software. The employment of the around 30 employees in Germany is being taken up by the newly founded company. The NewHyperG previously reached agreement on the purchase of all assets of the Austrian Hyperwave development subsidiary.
Foreign subsidiaries are also to be acquired
Besides the companies in Germany and Austria, NewHyperG AG will also acquire the former Hyperwave owned organisations in the UK and the USA. With that, according to the insolvency administrator Dr. Michael Jaffé, over 100 employees will retain their employment with the NewHyperG AG.
The main shareholder of the NewHyperG AG is the internationally present venture firm Global Equity Partners (GEP) with their head office in Vienna. A couple of weeks ago GEP successfully integrated the assets for software development and customer support from the also placed in administration Hyperwave Graz subsidiary into the NewHyperG AG.
The insolvency administrator Dr. Michael Jaffé welcomed the deal with GEP by saying that "thanks to the now signed and already by the creditors agreed to asset deal, we are able to keep the company structure in tact. With that it has been achieved that the Hyperwave software, the associated rights and the relationships with the customers all retain their value. This increased the value of the asset deal for the creditors, while at the same time supporting the start of the just founded NewHyperG.
Company structure in tact
With the now achieved asset deal, the Hyperwave customers, among them well known international corporations like Audi, EADS, Fujitsu Siemens and Toshiba, have an end to the legal and planning uncertainties around the use of Hyperwave software and its associated support.
The entry into temporary insolvency initially put the corporate futures of the Munich based Hyperwave AG and the Austrian Hyperwave Software Research and Development GmbH into question.
Due the function splitting between the two companies - administration and sales in Munich and product development and support in Graz - it was necessary to achieve a tight working relationship between the two insolvency administrators as well as establish intensive contact with the customers, in order to achieve the continuation of normal day-to-day operations. Jaffé: ""All through the administration process it was crucial for the organisation to achieve near uninterrupted service delivery towards their customers in order to maintain the necessary level of business for the now founded NewHyperG."
1.000.000 Users of Hyperwave software globally
Before entering temporary insolvency, Hyperwave AG, founded in Graz in 1987, was one of the leading European vendors of collaborative ECM solutions based on a fully integrated document & content management, eLearnbing and web conferencing environment. The solutions enable companies and organisations to design their decision making processes more effectively and to communicate faster. Globally there are over 300 commercial and public sector customers with over 1,000,000 individual users working with Hyperwave software. In 2004 Hyperwave achieved revenues of around EUR 20 million with about 160 employees.
