Edgenet assets acquired by former executives
Three former executives of Edgenet have acquired the assets of the tech firm that helped companies in the home improvement space and beyond track and organize digital data.
EdgeAQ completed the purchase from Edgenet Inc. on June 16 as part of a Chapter 11 363 sale. The company will continue to do business as Edgenet.
Described as a “cloud-based technology innovator,” Edgenet was the company behind Big Hammer, which it acquired in 2008. Challenges servicing its debt forced the company to declare bankruptcy earlier this year and resulted in the 363 sale.
The new executive team includes CEO Steve Proctor, COO Tim Stafford and CFO Chris Dowdy. All three previously worked for Edgenet during its peak growth from 1999 to 2008.
“Edgenet has great technology, great employees and a strong customer base,” said Proctor. “The 363 sale allowed us to choose performing assets that are best positioned for growth. Edgenet should return to profitability quickly with the right strategic focus and renewed commitment to our customers.”
Proctor and Stafford return to Edgenet from Oracle, where Proctor was recognized as one of its top 1% performers. Dowdy recently served as CFO for customer care operations at Asurion.
Edgenet has 60 employees and offices in Nashville, Tennessee; Milwaukee, Wisconsin; and Atlanta.