What to do when your IT provider vanishes [Video]

The closure of a technology company can have far-reaching implications to an enterprise’s daily operations, especially when it happens suddenly, or in a bankruptcy or dissolution process. Dealing with this requires a rapid response capacity, but also a proactive strategy to help navigate next steps.

Credit: fizkes / Shutterstock

In the ever-changing tech landscape, service interruptions and company disappearances are more common than CIOs would like. Sometimes a provider proposes a solution based on technology that swiftly becomes obsolete, or just can’t move fast enough when a more promising solution emerges. According to capital management solutions firm Carta, in Q1 this year, startup bankruptcies increased by 58% compared to the same time in 2023.

Emerging companies such as Olive AI, developer of an administrative task automation system for health centers, or Plastiq, an online payment platform, obtained important rounds of financing, only then to declare bankruptcy. Other times, it’s a specific service that changes. …