Digital Publishing Solutions Pvt Ltd, a Pune-based IT company, has gone in for voluntary liquidation. Gone along with the company are 936 jobs. "If we had continued for two more months, our liabilities would have crossed one-million dollar mark and we would have been wiped out. So, the company opted for voluntary liquidation," Mr Richard Alan Pipe, CEO of Digital Publishing said.
The liabilities are to be paid from funds generated out of sale of assets, current account receivable and shareholder contributions. The liquidators have granted permission to complete work-in-hand within two to three months through outsourcing. Liquidation process is expected to be completed by six months. Pending work will be executed by a new company, DX Technologies. DX Technologies will also enter the e-publishing market with DX Publishing Suite for content management, distribution and commerce and DX Enterprise for high volume, high quality, content production.
Digital Publishing was previously knows as Versaware Technologies India Ltd and was a 100-per cent subsidiary of Versaware Inc, US. Versaware also had a similar business in Israel. It was among the first companies to get into e-publishing and had managed to raise US$ 40 million from venture funds.
Versware entered India in 1999 by buying out Pune-based Reality Information Systems International Ltd India promoted by New Zealander, Richard Pipe. Within 18 months, Versaware India grew to 1200 strong facility doing captive work for Versaware US.
But with electronic books failing to take off and debts mounting, the parent company ran out of steam and folded up in March 2001.
The Israeli operations was taken over by debtors. The Indian operations was saved from closure when it was bought out by investor Harry Fox through DPS, Hong Kong and the Versaware name abandoned and rechristened as Digital Publishing Solutions Pvt Ltd -- a stand-alone technology company.