A group of Nashvillians has purchased cloud-based technology company Edgenet out of bankruptcy.
EdgeAQ, whose executive team includes Edgenet alums Chief Executive Officer Steve Proctor, Chief Operating Officer Tim Stafford and Chief Financial Officer Chris Dowdy, completed the purchase June 16 as part of a Chapter 11 363 sale. The company will continue to do business as Edgenet.
The agreement includes technology and customer contracts as well as the transfer of employees to the new company. Edgenet Inc. declared bankruptcy in January.
"Edgenet has great technology, great employees and a strong customer base," Proctor said in a release. "The 363 sale allowed us to choose performing assets that are best positioned for growth. Edgenet should return to profitability quickly with the right strategic focus and renewed commitment to our customers."
Edgenet began in Nashville as an Internet service provider, growing rapidly through the early 2000s before shifting to a software focus. It was purchased by New York's Liberty Partners in 2004.
Proctor and Stafford return to Edgenet from Oracle. Dowdy recently served as CFO for customer care operations at Asurion.
Edgenet’s investors inclu