German software firm files for bankruptcy

Brokat Technologies, the German financial software company, has filed for bankruptcy after the failure of debt-restructuring...

Brokat Technologies, the German financial software company, has filed for bankruptcy after the failure of debt-restructuring talks with its bondholders.

Brokat began life developing e-payment software for the financial industry, and expanded into mobile commerce and user-focused Internet applications.

The company claimed 2,000 customers, including financial institutions such as Allianz, ABN Amro, Advance Bank and MasterCard, alongside industrial giants Siemens and Vodafone.

At its peak in March 2000, the company had a market capitalisation of more than £620m, compared with £11.4m on 23 November 2001.

Brokat suffered a dramatic fall-off in orders this year, while costs base ballooned as it struggled to integrate Gemstone Systems and Blaze Software, two US companies it acquired last year.

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