Comments on: Workstream Finds Some Good News - Sort Of http://www.ere.net/2008/07/25/workstream-finds-some-good-news-sort-of/ Recruiting intelligence. Recruiting community. Wed, 03 Dec 2008 23:22:39 +0000 http://wordpress.org/?v=2.6.3 By: Software Vendor Workstream On Verge of Being Delisted by NASDAQ : ERE.net http://www.ere.net/2008/07/25/workstream-finds-some-good-news-sort-of/#comment-7486 Software Vendor Workstream On Verge of Being Delisted by NASDAQ : ERE.net Wed, 24 Sep 2008 17:58:53 +0000 http://www.ere.net/?p=3361#comment-7486 [...] the fourth quarter last year. Only sketchy numbers were released then, however, with the company explaining there was some sort of analysis underway of its accounting for [...] [...] the fourth quarter last year. Only sketchy numbers were released then, however, with the company explaining there was some sort of analysis underway of its accounting for [...]

]]> By: eric shannon http://www.ere.net/2008/07/25/workstream-finds-some-good-news-sort-of/#comment-6146 eric shannon Sat, 26 Jul 2008 12:24:36 +0000 http://www.ere.net/?p=3361#comment-6146 thank you and for the reminder - 6 figure jobs.com was missing from my list of publicly traded job boards: http://www.internetinc.com/public-company-job-boards -- Eric thank you and for the reminder - 6 figure jobs.com was missing from my list of publicly traded job boards: http://www.internetinc.com/public-company-job-boards

– Eric

]]> By: Sylvia Dahlby http://www.ere.net/2008/07/25/workstream-finds-some-good-news-sort-of/#comment-6126 Sylvia Dahlby Fri, 25 Jul 2008 21:35:30 +0000 http://www.ere.net/?p=3361#comment-6126 As a veteran of this volatile ASP software industry who remembers the implosion of iSearch back in 2001, the subsequent fall of Personic, and seen a lot of the so-called "consolidations" and infusions of VC funding into the relative newcomers, it remains astonishing to me how many of my competitors are simply not profitable. The recent acqusition of Vurv/Vurv Lite by Taleo/Taleo BE was not only surprising, I was shocked to learn from the press release that Vurv (fka Recruitmax/ProHire) was $9MM (that's NINE MILLION DOLLARS) in debt. Where did all that money go? This article about Workstream's "sketchy and incomplete numbers were released by the publicly traded company" attributed to an “on-going goodwill analysis” must be scary for customers with data hosted by an outfit that admits its "operating expenses have exceeded its revenues every year since the company went public in 1999 and for two years before that as well." Obviously this business is drenched in red-ink (remember when WebHire got delisted by NASDAQ?). No wonder so many ATS tend to over-promise and under-deliver when the sales-quota pressure to get the company out of the holes dug by bad management must be intense. The Workstream "good news" hurts us all. Vendors take heed and buyers beware! As a veteran of this volatile ASP software industry who remembers the implosion of iSearch back in 2001, the subsequent fall of Personic, and seen a lot of the so-called “consolidations” and infusions of VC funding into the relative newcomers, it remains astonishing to me how many of my competitors are simply not profitable.

The recent acqusition of Vurv/Vurv Lite by Taleo/Taleo BE was not only surprising, I was shocked to learn from the press release that Vurv (fka Recruitmax/ProHire) was $9MM (that’s NINE MILLION DOLLARS) in debt. Where did all that money go?

This article about Workstream’s “sketchy and incomplete numbers were released by the publicly traded company” attributed to an “on-going goodwill analysis” must be scary for customers with data hosted by an outfit that admits its “operating expenses have exceeded its revenues every year since the company went public in 1999 and for two years before that as well.”

Obviously this business is drenched in red-ink (remember when WebHire got delisted by NASDAQ?). No wonder so many ATS tend to over-promise and under-deliver when the sales-quota pressure to get the company out of the holes dug by bad management must be intense.

The Workstream “good news” hurts us all. Vendors take heed and buyers beware!

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