Outsourcing: devine.com enters Chapter 11
The devine.com website says it "has designed solutions that help financial services firms conquer the challenges of increasing efficiency, driving competitive advantage and boosting profitability." That has not helped it much in its own business.
Yesterday, it cancelled the presentation of its 2002 figures at a few hours notice and announced Chapter 11 proceedings.
divine.com provides e-commerce facilities for several large financial services businesses. It also provides fraud management and marketing support.
devine says "One of divine's top priorities is ensuring that customers are protected and that they continue to receive products, services and support. divine has retained the critical staff to ensure that its operations will continue without interruption during the Chapter 11 reorganization and sale process. divine expects that the protections of the Chapter 11 process will allow the company to undertake these efforts, as well as seek potential buyers of its assets, in an organized, Court-supervised setting and with minimal disruption to its businesses"
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