Rubico shareholders are investigating possible rescue plans for the beleaguered company, but may have to put it into liquidation if other alternatives prove unsatisfactory.
Brait director Bruce MacRobert, who heads Rubico shareholder Brait Technology Fund, says Rubico has hit difficult times.
"It was put out that there was a large contract with an offshore client in the pipeline but that fell through," he says.
Shareholders are assessing various alternatives, but if no satisfactory plan is found, the only other option is to put Rubico into liquidation.
MacRobert says Rubico is still operating, although the business has been scaled down significantly.
Rubico CEO Willie Esterhuysen could not be reached for comment.
Earlier this year Rubico wound up its services company, telling creditors they would have to sort out their claims with the liquidator.
Founded in 1994, Rubico was considered one of SA`s high-flying IT companies even as the rest of the sector was in the doldrums.
It was the inaugural winner of the Grand Prix award at the Journal of Convergence`s 2001 Age of Innovation awards. It was also named the 31st fastest growing company in SA in the Deloittes Fast 50 survey in 2001.
Rubico`s main business is the delivery of large-scale, mission-critical business solutions via a set of reusable components.
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