Ajubeo: Boulder cloud startup files bankruptcy

BOULDER - Ajubeo, a cloud computing startup, has filed Chapter 11 bankruptcy and is attempting to sell its assets. Ajubeo was founded in 2011 in Boulder and is majority owned by Grey Mountain Partners, according to BusinessDen. The company said in court documents it filed for bankruptcy to protect its assets. The company started hitting trouble earlier this year: It started losing customers, which caused a potential buyer of the company's assets to walk away. Ajubeo let go half its staff. A deal with the same potential buyer went off the rails this month when a vendor sued to seize its server equipment, Ajubeo decided to protect its assets by filing Chapter 11. In its initial paperwork, Ajubeo said it has between $1 million and $10 million in liabilities as well as $1 million to $10 million in assets.The post Boulder cloud startup files bankruptcy appeared first on BizWest.