Cidway Technologies Ltd (05654360): administration
- Status
- Administration ended
- Administration began
- 2014-02-26
- Administrators
- Kikis Kallis
- Administrators' firm
- Kallis & Company
- Incorporated
- 2005-12-14
- Location
- London
- Industry
- 62090 Other information technology service activities
From the administrators' statement
The Company was incorporated in 2006 as a wholly owned wholly owned subsidiary of Cidway Security SA based in Switzerland, which in turn is part of Cidway Group, a group of international companies involved in the development of mobile security applications The Company’s function within Cidway Group was to conduct research and development and hold the resulting intellectual property for the products developed
The Company licensed its products to connected companies who in tum provided licensing and support for the products The Company would earn a royalty from the sales made by the connected companies Cidway Group’s products were originally to be developed for a major bank who decided not to take up the technology The products needed further developing in order that they are marketable The shareholders were not willing to fund the development further therefore the company was insolvent and had no option but to seek professional advice
A summary of the Company’s recent trading performance 1s shown below
Administrators' statement of proposals (2014-04-30) · Companies House register