The Zenith Infotech bond default case will apparently have its next court hearing on November 14. In the meantime, Summit Partners apparently is willing to share details about the Zenith RMM purchase from Zenith Infotech -- if the details are not disclosed publicly. But will those details really emerge? Here's the update.
To rewind a bit: Zenith Infotech, which develops cloud solutions for MSPs, defaulted on a bond payment in September 2011. Around the same time, Summit Partners acquired Zenith RMM from Zenith Infotech. Bond holders have since petitioned India's Mumbai High Court, seeking financial details about the Zenith RMM deal. The high court earlier this month ruled that Zenith Infotech should share those details.
Lastest DevelopmentsFast forward to the present: According to the Economic Times, Summit Partners is willing to share details about the Zenith RMM financial deal -- if the details remain confidential to those involved in the court case. Meanwhile, Zenith Infotech apparently has appealed the High Court Order, seeking to block information about the Zenith RMM deal from being disclosed, according to Economic Times. An update could come on November 14, the apparent date of the next court hearing.
In a private video meant for partner and customer viewing only, Zenith RMM CEO Michael George recently told viewers that Summit Partners paid a fair valuation for Zenith RMM, and George said Zenith RMM is a completely separate organization from Zenith Infotech.
Meanwhile, some rivals are aggressively attacking Zenith Infotech and Zenith RMM at the IT Nation conference in Orlando. Numerous backup and RMM (remote monitoring and management) companies allege that Zenith partners are flocking to alternative platforms. However, MSPmentor cautions readers to do a reality check on your own. No doubt, some partners are making platform moves. But few MSPs have directly spoken with MSPmentor about such migrations.