Apprenda is working with Sherwood Partners to manage the sale, according to documents filed in Court of Chancery in Delaware this month. Sherwood Partners works to restructure companies that do not want to go through bankruptcy.
On Aug. 6, Apprenda ceased operations, and signed over the company’s assets to a subsidiary created by Sherwood Partners. The documents were signed by CEO and co-founder Sinclair Schuller.
The documents said Apprenda has an outstanding $6 million loan with Silicon Valley Bank, and it had issued $50 million in stock to shareholders. It said that Apprenda “is indebted to creditors, unable to pay its debts.”
The goal is to sell the company’s assets, including any source codes, software, copyrights, patents and trademarks, so that stakeholders can be paid back as much as possible “without any preference or priority.”
There was no mention in the documents of how much the assets may be worth.
During its 12 years in business, Apprenda brought in $56 million in venture capital from investors in Silicon Valley, Seattle and Philadelphia. The company attracted big clients like JPMorgan Chase, Honeywell, Boeing and McKesson, giving these large corporations a way to build and run software on their own servers or on a public cloud.
When Apprenda first leased its office in downtown Troy at First Columbia’s Hedley Park Place, they had 17,000 square feet with an option to take over the whole floor at 35,000 square feet.
The co-founders — Schuller, Matt Ammerman and Abraham Sultan — who started the company in their 20s, had a vision of growing Apprenda to 1,000 people.