ID Data prepares for administration as cash runs out
16 October 2008
ID Data, the company that makes smart card systems, looks set to call in administrators after failing to come up with enough cash to plug its short-term funding needs.
In a statement, the company said it was preparing the ground to put its core business unit, ID Data Ltd, into administration to protect it from its creditors.
In recent months, ID Data has been frustrated in its efforts to raise money from investors because of difficult stock market conditions and has instead focused on exploring a sale of its operating businesses. It said a number of international companies had expressed an interest in acquiring the business of ID Data Ltd and its Cardbase subsidiary.
ID Data Ltd sells banking and government smart card systems and is thought to have secured a leading position to gain potentially highly valuable contracts on the launch of the UK National ID Card programme.
The company pointed out that it had made major moves towards profitability and was currently enjoying a good order book while continuing to secure new contracts.
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