November 14, 2018
Stantive Technologies Group, a Kingston, Ontario-based enterprise software provider focused on the development and deployment of its proprietary content management platform, OrchestraCMS, filed an NOI on November 14, listing $19.1MM in liabilities, including $1.4MM to Runway Finance Group and $1.9MM to Mamta Trust. The company relies on recurring revenue generated by subscription renewals through its main host platform, Salesforce.com. Salesforce, an American corporation based in San Francisco, is the company's most important relationship: OrchestraCMS is built entirely on Salesforce's platform. Although the company owns all of the intellectual property related to OrchestraCMS, the platform is not operable outside of the Salesforce ecosystem. In exchange for the use of the Salesforce platform, the company remits an amount equal to 12.5% of its recurring revenue. Currently, the company is in default of their agreement and owes Salesforce approximately $259.2M (USD). The company has been facing liquidity issues as a result of its debt structure and, for the past several months, has been working with EY, the proposal trustee, to try to address these issues. During these NOI proceedings, two numbered companies have agreed to provide up to $800.0M in DIP financing. PwC was engaged as financial advisor to the proposed DIP lenders. Counsel is TGF for the company and BTZ for the DIP lenders / certain secured creditors.