Mon, 27 Feb 2012 | ADMINISTRATION
Cambridge Visual Networks Ltd, the Cambridge cloud-based digital signage software firm, has entered administration.
Stephen Cork and Joanne Milner of insolvency practitioners Cork Gully were brought in to the business, also known as Camvine, at the end of January. The reasons why the firm entered administration or what events lead to the move have not been revealed, it was reported on cabume.co.uk.
Camvine offered a cloud-based digital signage service before cloud computing was widely available. It used a ‘drag and drop' style CODA web-service, ‘plug and play’ hardware and an open API to link with other services, according to its website.
The digital signage market is expected to be worth $13.2 billion by 2016, with 22 million digital signs by 2015.
Dr Quentin Stafford-Fraser, the founder of DisplayLink and webcam innovator, co-founded Cambridge Visual Networks in 2006, with Dr Michael Dales and John Naughton, an academic and writer based in Cambridge.
Dr Stafford-Fraser left the firm in 2011 and is now working on a new project called Telemarq, while Dr Dales left in 2010.
Its last available accounts for the 12 months to April 2011 show that Camvine had secured £1.5 million of shareholder investment and also a lifetime loss of £1.76 million.
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