Entellium Files for Bankruptcy

Seattle-based Entellium said it has filed for bankruptcy protection today, as it prepares to sell off its assets. In October, the software company’s top two executives, Paul Johnston and Parrish Jones, resigned and were charged with fraud. The filing says Entellium has $37.7 million in assets and $12.7 million in liabilities. Its creditors are listed as Ignition Partners, WestRiver Capital, Malaysia Venture Capital Management, Middlefield Ventures, Sigma Partners, and Silicon Valley Bank. Financial software firm Intuit, based in California, has made an offer to buy Entellium’s assets.

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and Editor of Xconomy Boston. E-mail him at gthuang [at] xconomy.com. Follow @gthuang

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