Boulder, CO — April 15, 2009 — Incentra, LLC (“Company”) today announced it commenced operations upon completion of the acquisition of substantially all of Incentra Solutions, Inc. assets and its subsidiaries (collectively, the “Debtor”) in a 363 sale in the U.S. Bankruptcy Court located in Delaware where the Debtor first filed for bankruptcy protection back in February 2009. Incentra, LLC is a privately owned entity with the headquarters remaining in Boulder, CO. and will operate throughout the United States and Western Europe. As part of the asset purchase, Incentra, LLC acquired all of the Debtor’s service delivery assets including the 24x7 network operations center and the GridWorks Operations Support System (OSS) software to enable uninterrupted service delivery to its managed services customers.
As of the closing of the asset purchase, Incentra, LLC extended employment offers to all of the Debtor’s employees. With the hiring of the Debtor’s employees comes the ability and responsibility to continue to deliver on all of the outstanding professional services and consulting engagements signed prior to and during the bankruptcy. The Company stated the transition from the old to the new Company is seamless and there is absolutely no reason for customers to experience any delays or degradations in services delivered.
“The employees are the life blood of the Company and without them we would not have been able to bring the bankruptcy process to closure so quickly. Our employees really stepped up during this process to ensure the Company continued to deliver the technologies and services our customers depend on,” commented Chief Executive Officer Tom Sweeney.
Incentra, LLC has obtained authorizations from its partners and manufacturers allowing the Company to represent and sell all of the technologies its customers require. Orders placed prior to the asset purchase will be completed without delay and customers will see no impact from the change in ownership.
“Our partners really supported us during this period and helped us to not only close a significant amount of business during the first quarter, but also position the new company for continued success throughout 2009. Our pipeline shows the second quarter and beyond are going to be well above the last two quarters in terms of total spend by customers for technologies and services,” said Chief Operating Officer & President Shawn O’Grady.
The Company, as part of its purchase price for the Debtor’s assets, agreed to assume the debt of the Debtor owing to its senior lenders and has successfully negotiated a significant restructuring of this debt, including modification of the prior revolving credit facility to provide additional credit capacity and liquidity to manage working capital needs. The restructuring significantly improves the Company’s balance sheet. The Company has also reduced its operating expense base and has substantial working capital available.
About Incentra, LLC
Incentra, LLC is a provider of Technology, Consulting and Outsourcing services providing complete IT solutions to enterprise companies and managed service providers throughout North America and Europe. These services are all customized to help individual clients realize the full impact of their IT investments. By leveraging relationships with almost 100 manufacturers, Incentra's experts deliver a unique combination of Consulting, Technology, and Outsourcing that maximize results for every infrastructure project. For more information, visit www.incentra.com