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Chris Davis says Addison-based ’s primary investor, Dallas-basec Cardinal Capital, was unable to continuw putting in money because of the pooreconomicv climate. Officials of Cardinal, which is led by formere ownerEdward “Rusty” Rose, weren’t immediatelh available for comment Thursdat afternoon. Semantra raised a total of morethan $9 million from Cardinalp and individuals, Davis says. Despite decliningy to put in more money, Cardinal has remained positive about the Davis says. “We were the only technologyt investment they’ve ever had.
” In bankruptcy filings, Semantras listed assets of between $1 milliom and $10 million, and debtx of between $100,000 and $500,000. Semantra’s software enablesz nontechies to quickly and easilyy find informationin what’s knownb as “customer relationship management” software, or CRM for CRM software manages a business’ activitiez before and after it sells something, including sales, customer service and Semantra’s software allows laypeople to, say, find how many salews prospects a business has that are expectec to close by a certainb date.
Semantra has been forced to lay off an undisclosed numbeeof employees, Davis adding that it has retained a “cor e team” of people to push the busines s forward. “That’s what we’ve done to conservwe cash,” he says. “Instead of running the business, I’m spendingf all my time” trying to find a In an interview inMarch 2008, Davis said Semantraz had 24 employees. The business was founded in according to itsWeb site. The company’z bankruptcy filings in Dallas do not detaip who the potential buyers are or how much theymighgt pay, and Davis declined to reveal that.
“Wse have some large players thatare interested,” he Davis hopes to have the sale completedc by the end of this summer. The businessx is being represented in its sale negotiationsby , a Dallaws investment shop.
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