Logistics visibility platform Slync, which is winding down operations, is having its intellectual property auctioned off.
Chicago-based DSI Assignments, which is handling the auction process, said Tuesday that it is seeking a buyer for all assets relating to Slync’s platform. This includes Slync’s Intelligent Carrier Management, Ocean Booking 360, Inventory in Motion and Air Freight Management. The assets will be sold free and clear of all liens, claims, encumbrances and interests, DSI said.
DSI said it is in discussions with several interested parties and is conducting due diligence. It did not elaborate.
Parties wishing to make competitive offers for the assets must submit qualified bids no later than 5 p.m. Pacific time on Nov. 20, DSI said. The bids must demonstrate that the bidder has the financial capacity to consummate a transaction if selected, the ability to expeditiously consummate the transaction, and a signed mutual confidentiality and nondisclosure agreement. A bidder must also make a deposit of at least 10% of the bid, DSI said.
Slync had hoped that new management and a $24 million cash infusion in February would be enough to save the FreightTech company after its former CEO was indicted on fraud charges. However, the company said late last month that it will proceed with an alternative to a traditional bankruptcy and plans to wind down operations and sell off its technology.
The timing of Slync’s filing in October came nearly three weeks after former Slync CEO Chris Kirchner — who was indicted in May on charges he swindled $25 million from investors for personal use — filed suit on Sept. 26 against his former employer for legal fee advancement and indemnification in Delaware’s Court of Chancery.