Friday, September 16, 2005

Trouble at Transware

We have learned that Tom Kelly, the CEO of Irish company Transware, and John McCormack, its CFO, both coming from BlueStar Solutions, Inc. (a provider of applications management outsourcing services) have left the company. Devin Lynch is the new CEO.

Before this, it was notorious that Transware had not been paying its vendors, leaving invoices unpaid for up to 180 days. The new team came on board, but their vendors were still having trouble collecting.

Our sources tell us that Transware is not making money and struggling with how to compete.

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