It had to happen – news that Diligent is close to out of cash, has fired a huge chunk of it’s staff and has no real idea if its search for cash will succeed.

Apparently they;

will run out of cash at the end of April unless…able to access new sources of funds

The company has also disclosed that its sales team has been cut to just 10 from 23 and five other staff members let go as it strives to save costs.

And founder shareholders of Diligent have pledged a further 11.5 million of their shares in the company as security against a US$6.7 million loan they received from Diligent.

Oh and thanks to Daniel for the tip…

More here;

Ben Kepes

Ben Kepes is a technology evangelist, an investor, a commentator and a business adviser. Ben covers the convergence of technology, mobile, ubiquity and agility, all enabled by the Cloud. His areas of interest extend to enterprise software, software integration, financial/accounting software, platforms and infrastructure as well as articulating technology simply for everyday users.

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