Positioned in social management by Internet, it declared bankruptcy on mid-April. The first shareholder reinvested, but with important changes concerning the capital.
As many companies of the new economy, the start-up Cassiopay, set up in Canépole, at the Cannet-Rocheville, faced high turbulences these last months. In bankruptcy since mid-April, with an observation period of 4 months, this Internet platform dedicated to the sector of labour legislation and social management of the company, had then laid-off employees, which are now 11 compared to 24 before.
A new official CEO since July 20th
Unable to raise the 25 million francs it was looking for during the last venture-capital summit in Sophia-Antipolis, Cassiopay was in a situation even worse that financial problems led to the closure of its website, its core job, a bit more than a week ago.
The company recently settled the problems of this bad period. An agreement could be found with the “Atelier de l’Innovation” (Innovation Workshop), which had participated to the first investment. This first shareholder will reinvest the funds necessary for Cassiopay to start again. However, the capital structure was largely modified. Hence the departure of its founder, Jean-Luc Dupré, who leaves a presidency he ensured since the launching of the company, at the beginning of 2000. This new management structure should be official next July 20th, with the appointment of Julien Hervet at the presidency, the legal manager of the “Atelier de l’Innovation”.
Operate the commercial take-off
According to Jean-Luc Dupré, the liquidation of Cassiopay would have been all the more unfortunate that the tool is now ready. The commercial take-off now needs to be done. It should be done now. The agreement with shareholders was probated by the commercial court of Cannes and the start-up will hire again soon. Specialist in the externalisation of the pay, Jean-Luc Dupré will remain the administrator. However, others will be in charge of realizing his vision : create a company which goes beyond the simple pay service and which can bring a solution of externalisation of the overall of the social management for small and medium sized European companies.
It will be based on an economic model which essentially lies on the rent of the platform of services to corporate accountants and to companies, with a flat rating based on the number of employees managed by each client and services used. This model doesn’t seem to be challenged.