Trakopolis, a Canadian software-as-a-service provider specializing in tracking and analytics, replaced its CEO as the company pursues restructuring.
The Calgary firm, which also re-sells KeepTruckin fleet management and electronic logging devices (ELDs) in Canada, said on Nov. 14 that CEO Brent Moore had resigned. Chief Financial Officer Richard Clarke replaced him.
The shakeup at the small, relatively unknown firm came a week after Trakopolis filed to pursue corporate restructuring under Canada’s Bankruptcy and Insolvency Act on Nov. 8. That move capped a week that saw its shares on the TSX-Venture Exchange suspended after a private equity lender demanded repayment on a US$3 million loan.
“The company continues to work closely with its financial and other advisors to successfully conclude the restructuring process and will provide further updates once available,” Trakopolis said in a statement.
ESW Holdings demanded the repayment of a US$3 million loan on Nov. 4, which resulted in the suspension of its shares on the TSX Venture Exchange. The lender is a subsidiary of Austin-based ESW Capital, a private equity firm owned by reclusive billionaire Joe Liemandt, which invests in software firms. ESW did not respond to FreightWaves’ request for comment.
Trakopolis’ portfolio includes offerings for transportation and logistics companies including asset tracking, fleet management and ELDs. It re-sells ELDs and fleet management from U.S.-based Keeptruckin, an arrangement that dates back to 2018.
But Trakopolis’ business has been struggling despite growing subscribers across its segments. It reported a net loss of C$311,000 on revenue of C$1.46 million during the second quarter of 2019.
The company noted that it faced challenges selling ELDs during the quarter, though it did not detail sales figures.
KeepTruckin declined to comment on Trakopolis’ restructuring and any potential implications for its Canadian customers.
Trakopolis went public on the TSX Venture Exchange in 2016. Moore founded the firm in 2006.
Moore declined to comment. The new CEO, Clarke, did not respond to FreightWaves’ request for comment.