IT solutions provider and ACCPAC reseller Accronym has shut up shop after applying for voluntary liquidation on 9 March.
While some of Accronym`s former employees wait for final payment, a new ACCPAC reseller and IT solutions provider has been established by three of Accronym`s ex-directors and two other former Accronym employees.
Johannesburg-based Value Added Solution Technology (Vast) is owned by Shaun Lipshitz and Keith Benjamin, both former Accronym employees. On board as consultants are Derek and Brian Sevel, and Clive Kangisser, all three of whom were Accronym directors.
ACCPAC Africa has confirmed the liquidation of Accronym, and the formation of Vast on 25 March from the remains of Accronym management.
ACCPAC Africa MD Jeremy Waterman says Accronym`s demise was a result of the 1999 IT industry boom, where companies grew too ambitiously and jumped on the bandwagon of diversification of services.
Waterman says ACCPAC clients have found alternate support companies, including Vast. This, he says, is proof of the depth of ACCPAC`s client support and product quality.
The failed company was still reportedly going strong late last year, but an ex-employee, who has been left with a dishonoured cheque for three months work, says: "The wheels fell off in January, when the cracks began to show in a company that grew too quickly and was too ambitious."
Originally formed in 1987 as Compusol, Accronym expanded from the provision of financial solutions to split into seven specialised business units in 1994. In July 1998, Compusol Management Services changed its name to Accronym to add IT solutions into the mix of offerings.
Waterman says that during this time, Accronym`s staff members increased from about 30 to nearly 200.
Vast management says the liquidation of Accronym is being handled by the Syfrets Board of Trustees, adding that the issue of staff payment is in the liquidator`s hands.
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