Being Technologies Ltd (09457232): administration
- Status
- Administration ended
- Administration began
- 2017-12-22
- Administrators
- Damian Webb, Phillip Rodney Sykes
- Administrators' firm
- RSM
- Incorporated
- 2015-02-25
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
Brief background Being Technologies Ltd (“Being Technologies”) and Thought Machine Limited (“Thought Machine”) (together “the Companies’).
Thought Machine was set up in 2014 by director, Paul Taylor, following the successful sale of a previous IT business to Google. He and other ex-Google software engineers set up Thought Machine with the intention to create customised apps for banks and other financial customers in the financial services market.
The director identified an opportunity to develop an API cloud based banking system which would enable banks to offer a better digital platform on which to monitor and control millions of transactions and in 2015 Being Technologies was set up deliver such a product to the market. In 2016 Being Technologies purchased the intellectual property from Thought Machine to assist in its trading.
Administrators' statement of proposals (2018-01-15) · Companies House register