Advisa Services, in administrative receivership since November, has sold the rights to Advisa, its financial sales and support package, to Datasure Ltd, the computer systems arm of C E Heath. Advisa Services, formerly known as Professional Networks Ltd, was established in 1986 to develop an expert system-based financial software package that runs on IBM-compatible personal computers and laptops (CI No 1,146). Advisa was jointly owned by the Moorgate Group and Moorgate Computer Systems, but it experienced financial difficulties and was subsequently re-financed in 1988 by Moorgate and several other institutions including Murray Johnstone. However, a combination of high research and development investment, loan stock, debt related finance, and rising interest rates continued to make the going difficult, and the company went into receivership in November. Deloitte Haskyns & Sells was appointed as receiver, and sold the rights to the software for an undisclosed sum, despite the possibility of a management buyout. Advisa is to be operated as a division of Datasure, and David Lewis, formerly managing director of Advisa, will continue to head the division. He says that the company was previously under-funded, and Heath’s acquisition of the rights should put that right.
