Photizo Acquired by Virtulytix

Originally written and published by Kathleen Wirth at worthconsulting.org 

Photizo Acquired by Virtulytix, as Kentucky Commonwealth Files Lawsuit on Behalf of Unpaid Employees

In a deal announced earlier this week, Photizo Group’s assets were repossessed by primary secured creditor Meritus Ventures, a U.S.-based venture-capital firm that Photizo of Lexington, Kentucky, owed over $4 million in loans to.

Virtulytix –  a new “advanced analytics firm” also based in Lexington, Kentucky, and staffed by several former Photizo employees –  also announced that it had acquired Photizo.

Wirth Consulting also received a copy of a complaint filed on August 16th in the Fayette Circuit Court by the Commonwealth of Kentucky’s Labor Cabinet on behalf of employees with unpaid salaries and wages that combined, total almost $100,000.

Overall, the owners of Lyra Research are said to be set to lose $1.3 million. (Photizo acquired U.S.-based Lyra Research In 2012; Lyra Researcher published the well-known Hardcopy Observer, which covered the print and digital-imaging industry.)

READ MORE at wirthconsulting.org:
• Alleged Non-Payment of Employees
• Photizo Letter to Creditors
• Wirth Consulting’s Take