Optima Technology (ASX:OPA) - Voluntary Administration

Optima Technology (ASX:OPA), a Melbourne-based software company that specialises in providing utility and energy reporting solutions for private and public corporations globally to support a faster transition to net zero, entered voluntary administration on 11 July. In May, the company announced that it had lost a material services contract that was expected to reduce annual revenue by an estimated $750,000. The company was in the midst of attempting to raise additional capital and determined that the appointment of administrators was the best mechanism to accelerate a recapitalisation or sale of the business. Glen Kanevsky and Jason Tracy of Deloitte were appointed joint administrators and will continue to trade the business while determining the future of the business and its assets.