Pulse Interactive bankrupt

Webdesign agency Pulse Interactive was declared bankrupt on 6 November. The company, owned by Yuri Dokter, Gert Jan Kooistra and a few informal investors, had been struggling with financial problems for some time. The bankruptcy of the Amsterdam web agency Pulse Interactive was announced Thursday by the district court in Amsterdam

Webdesign agency Pulse Interactive was declared bankrupt on 6 November. The company, owned by Yuri Dokter, Gert Jan Kooistra and a few informal investors, had been struggling with financial problems for some time.

The bankruptcy of the Amsterdam web agency Pulse Interactive was announced Thursday by the district court in Amsterdam. It is not clear what the underlying reason is. The administrator refrained from commenting and the management of Pulse was unattainable.

That the financial situation did not go well with Pulse, was already apparent from the annual report for 2000, drawn up in July of this year. In it, the management warned: "if the turnover does not stabilize at a reasonable level, this can lead to a serious uncertainty about the company's continued existence." The document shows that the company suffered a (presumably gross) loss of nine tons last year. In August, five web designers stepped up to set up their own desk (Suikerfabriek).

Pulse Interactive was founded in 1995 by Yuri Dokter. The company first worked on designing websites, later e-consultancy and technical services. In February 2000, Pulse was taken over by the American Worldwide Xceed, the web builder listed on the Nasdaq. The purchase had to accelerate the international ambitions of Pulse, but a year later the cooperation came to an end. The price of Xceed had plummeted sharply on the stock exchange, which resulted in Pulse's expansion plans coming to a halt according to Dokter.

The then management, consisting of Doctor and Gert Jan Kooistra, then bought back the shares of Xceed. The necessary capital injection came from the informal investors Carel Kouwenhoven and Hans Hompes, in exchange for an option forty percent of the Pulse shares. The fact that further funding was needed turned out last May, when Lost Boys signed a letter of intent to take over Pulse. This step led to a conflict when Lost Boys withdrew from the negotiations. Pulse threatened a lawsuit due to breach of contract, but the case has not happened so far.