In the insolvency proceedings of W-tec AG (“wtec”), the lawyer Dr. Marcus Plathner, as insolvency administrator, sold all business divisions to companies of the Zech Group GmbH (“Zech Group”) by way of two separate transferring reorganizations.
The Bad Homburg-based IT service provider, which has been active since 1989, has international expertise in the areas of planning, installation and maintenance of network technology and technical infrastructure for information and telecommunications technology, with a particular focus on multinational customers. In addition, W-tec AG’s smartengine is a revolutionary system that forms the basis for a smart building infrastructure with the help of a fine-mesh sensor network and real-time data and control. The intelligent technology uses an IT infrastructure for the transmission of power and data.
The innovative pioneer in the field of “smart building” technology with its own US subsidiary and highly specialized development office in Palo Alto (USA) had to file for insolvency at the Bad Homburg v. d. Höhe District Court on March 20, 2018.
The insolvency administrator together with FalkenSteg has now succeeded in selling the company’s operating business to subsidiaries of the Bremer Zech Group by way of two transferable restructurings. The transfers to the newly founded subsidiaries took place on June 1, 2018 and July 1, 2018 respectively.
After business operations had come to a partial standstill at the time of filing for insolvency – among other things due to complex compliance rules of major American customers – the team around Dr. Plathner succeeded in stabilizing business operations during the preliminary insolvency proceedings, maintaining the US business and continuing business operations to a significant extent even after the opening of the proceedings. In parallel, an international investor process was also initiated immediately after the preliminary insolvency proceedings were ordered, from which the Zech Group emerged as the investor with the most convincing concept. With the Zech Group as a new investor, the highly motivated employees with a high reputation with global blue chip companies have the opportunity to contribute their expertise and experience to the further growth of the Zech Group in the future fields of data centers, IT infrastructure and smart building. The Zech Group is convinced that buildings will become more intelligent in the future: The advancing digitalization offers a wide range of opportunities to create added value for users, operators and owners. The targeted identification of these added values by linking buildings, users, operators and external services via a digital building infrastructure and interacting with users via apps is one of the keys to the success of intelligent buildings and will offer a growing market. smartengine is the central nervous system of smart buildings. The Zech Group will continue to invest in these developments and technology as well as further growth in the future.
“The preservation of all jobs and the continuation of an innovative IT specialist and in the field of “smart building” technology is a great achievement of all those involved, especially the employees. I would like to express my sincere thanks to all those involved”, says Marcus Plathner, the insolvency administrator, happily.
About Zech Group
The Zech Group GmbH is a strategic management holding company under which six business divisions with operational management companies are combined. The operating companies are in the areas of Construction, Real Estate, Hotel,
Environment/Technology, Industry and International & Consulting. With more than 8,000 employees, the diversified group of companies concentrates on the value chain around real estate.