Pandesic LLC is going out of business and will start phasing out its operations due to slow sales and lackluster demand for busines-to-consumer e-commerce services, the company announced ONFriday.
Pandesic, a joint venture between Intel and German software firm SAP AG, was founded in 1997 to provide a wide variety of e-commerce services to businesses. Over the past three years, the firm set up offices in the U.S., Europe, and Asia, where it has about 100 clients.
Customers and partners of the California-based company include Microsoft, The Children's Place Retail Stores. and Citibank. Pandesic builds e-commerce platforms for businesses, including software, hardware, services, hosting and training.
In the wake of Friday's announcement, Pandesic vowed to offer severance packages and assistance to all of its approximately 400 employees. Some employees will be offered retention packages to help customers with the transition. Following the resignation this week of chief executive officer Harold Hughes and president Pete Wolcott, Catherine Yetts has been named interim CEO.
The company's statement didn't say how much longer it plans to be operational.