Level Global Ltd (08538224): administration
- Status
- Administration ended
- Administration began
- 2019-09-02
- Administrators
- Andrew James Pear, Michael Stephen Elliot Solomons
- Administrators' firm
- Moorfields
- Formerly
- Erpaas Limited
- Incorporated
- 2013-05-21
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
Level Global Limited, formerly known as ERPAAS Limited, (“the Company”) was incorporated on 21 May 2013 as a subsidiary company of Level Global (Holdings) Limited (“LGH”), the sole shareholder of the Company. ERPServe.com Limited (“ERPS”) was also a subsidiary company of LGH (ail together “the Group”). The Group’s focus was to develop and market Artificial Intelligence software products that assisted businesses with decisions regarding the four shared service areas of human resources, payroll, finance and procurement.
Initially it was envisaged that ERPS would hold any Intellectual Property developed by the Group and the Company would act as the main operating company, trading from rented premises at 4th Floor 1 Kingdom Street, London, W2 6B, with a license and intercompany trading arrangements between the two. However, as the business developed, ERPS remained dormant until it was dissolved in July 2019,
The business was initially funded by way of seed funding, raised in 2013, of £500,000, Throughout the existence of the business, circa £7.5m of further equity was invested into LGH. This was then loaned by LGH to the Company which facilitated the development of its various products. This, in turn, enabled it to obtain contracts from clients such as the NHS as well as a FTSE 100 entity.
Administrators' statement of proposals (2019-10-24) · Companies House register