It's the End of the Line for eLedger
"The current adoption rate is not sufficient to sustain us, and we have been unable to secure additional capital in the current economic environment," said Lee Mellinger, eLedger president and chief executive.
Licenses for the eLedger software will be available for sale to interested buyers. The source code will include eLedger 2.2, the company's current production Web ledger product, as well as its unreleased eLedger ASP Server and eLedger Business Manager products based on its proprietary Internet ObjAcct Accounting Platform.
According to Mr. Mellinger, there are three types of organizations that might benefit from owning the source code:
- A company that is interested in developing an ASP
- Portals and ASPs interested in adding to their offerings
- Enterprises requiring an accounting system with a remote access feature
Other online accounting programs include Netledger, Virtual Growth, and Intacct.