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Corporation
INTERNET | Internet Software & Services / Retail & Inventory
steadyserv.com

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Founded Year

2014

Stage

Asset Sale | AssetsPurchased

Total Raised

$21.95M

About SteadyServ Technologies

SteadyServ Technologies is a draft beer management system that helps bars and restaurants sell more beer, waste less and increase their profits. SteadyServ's iKeg technology is an IoT driven SaaS solution which measures and reports, on a near-real-time basis, down to the ounce, the exact volume of beer remaining in a retailer's kegs.

SteadyServ Technologies Headquarter Location

11671 Lantern Road Suite 300

Fishers, Indiana, 46038,

United States

317-296-7474

Latest SteadyServ Technologies News

SteadyServ sold to largest creditor after no other bids

Jun 27, 2019

June 27, 2019 June 13, 2018 A judge has approved the sale of Fishers-based SteadyServ Technologies LLC to its biggest creditor after no other bids were made for the company in bankruptcy proceedings. RBE Investments LLC, the company’s largest secured creditor, made a nearly $5.8 million credit bid to purchase the seven-year-old company and its assets after a turnaround plan for the company failed. RBE Investments’ bid was the only one submitted during an auction held Monday. United States Bankruptcy Judge Jeffrey Graham approved the sale of the company and its assets to RBE Investments in a sale hearing held Tuesday. RBE Investments is controlled by Indianapolis businessman Robert Eveleigh, president of Indianapolis-based Lawler Manufacturing Co., a century-old maker of flow-control and mixing valves for the plumbing industry. SteadyServ, a beer-service technology firm that gained national attention with a draft-beer management and inventory system called iKeg,  filed for Chapter 11 bankruptcy  Feb. 7 after missing sales projections in nearly every quarter since its founding in 2012. The company’s bankruptcy filing listed assets of just $54,999 and liabilities of $6.5 million, much of it in the form of secured debt owed to Eveleigh and RBE Investments. SteadyServ employment had fallen from nearly 50 to 14 since it  made a high-profile move  from Carmel to Fishers in September 2016. That’s well off the figure of 154 employees the company predicted it would have by now when it entered into an incentive agreement in 2014 with the Indiana Economic Development Corp. The company stood to receive $2.3 million in state tax credits if it fully met hiring goals but has claimed less than $95,000. Entrepreneur David Becker, CEO of Fishers-based First Internet Bancorp and an investor in many software startups, became chairman and CEO of SteadyServ and  sought to raise $3 million to $5 million  from a range of sources, including himself, to inject into the company in the 90 days following the bankruptcy filing. Becker laid out a scenario where the company could break even financially within a year and achieve annual recurring revenue of $4.5 million in three years. Ultimately, that plan was not successful, and company officials prepared to sell. To keep the company afloat during the attempted reorganization, Becker and the investment arm of the Indiana Spine Group offered to provide $1 million in financing, but it wanted that loan to be placed ahead of Eveleigh’s secured claims in repayment priority, which a judged approved. That loan was due to be repaid this month, another factor leading to the sale. Jim Knauer, a partner in the law firm of Kroger Gardis & Regas and Eveleigh’s attorney, previously told IBJ he believes his client will “try to do what’s necessary to make (SteadyServ) successful," saying Eveleigh still thinks there’s opportunity for the company. Knauer and Andrew Kight, an attorney at Jacobson Hile Kight who represents SteadyServ, were not immediately available for comment. ADVERTISEMENT

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Expert Collections containing SteadyServ Technologies

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

SteadyServ Technologies is included in 3 Expert Collections, including Restaurant Tech.

R

Restaurant Tech

795 items

Hardware and software for restaurant management, bookings, staffing, mobile restaurant payments, inventory management, cloud kitchens, and more. On-demand food delivery services are excluded from this collection.

A

Alcohol Tech

1,074 items

Companies focused on the production, distribution, and consumption of alcohol. This collection includes companies such as craft distilleries, e-commerce platforms, mobile apps, connected appliances, and alcohol substitutes, among others.

I

Internet of Things ( IoT )

3,149 items

SteadyServ Technologies Patents

SteadyServ Technologies has filed 8 patents.

The 3 most popular patent topics include:

  • Supply chain management
  • Beer vessels and serving
  • Production and manufacturing
patents chart

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Grant Date

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Related Topics

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3/15/2017

9/29/2020

Wireless networking, Supply chain management, Sensors, Production and manufacturing, Beer vessels and serving

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3/15/2017

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Grant Date

9/29/2020

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Related Topics

Wireless networking, Supply chain management, Sensors, Production and manufacturing, Beer vessels and serving

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Status

Grant

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