Another would-be user of the Precision Architecture RISC, Marlborough, Massachusetts-based Sequoia Systems Inc has retained Broadview Associates LP as its financial advisor to advise it in its pursuit of a sale of all or part of Sequoia. Hewlett-Packard Co, which markets Sequoia’s 68040-based fault-tolerant Unix machines as the HP 9000 Series 1200 line, has already backed off from investing new money to protect its investment in the company, where it holds an 8% stake and under terms of the agreement, Broadview will contact potential acquirers to ascertain their interest in investing in, or acquiring Sequoia, will participate in negotiations on behalf of Sequoia, and make recommendations for possible transactions with potential investors. Financing for Sequoia is necessary because of reduced revenues and operating losses during the past two quarters, and its default under its bank credit arrangement and liquidity difficulties. Samsung Electronics Co, Seoul, South Korea is Sequoia’s other major business partner. After the most recent lay-off, which saw staff fall to 175 from 250, Sequioa says its Precision Architecture project will be late, but only by six months.
