Baton Rouge software company Kologik acquired after filing for bankruptcy

Kologik, a Baton Rouge-based software company born out of the ashes of the once-prominent tech firm Thinkstream, has been acquired by Tennessee-based Greater Sum Ventures.

The acquisition, which was finalized June 7, came shortly after Kologik filed for bankruptcy.

Three separate entities—Kologik LLC, Kologik Capital LLC and Kologik Capital II LLC—filed for Chapter 11 bankruptcy protection April 23, though the cases are being jointly administered under the lead Kologik LLC case, according to documents filed with the U.S. Bankruptcy Court for the Middle District of Louisiana.

Kologik provides software solutions to small and medium-sized law enforcement agencies with a stated goal of keeping communities and officers safe. The company was formed with the assets of Thinkstream, a Baton Rouge-based tech firm that was forced into bankruptcy in 2015.

Thinkstream found success in the early 2000s with a program that enabled local, state and federal law enforcement agencies to connect their databases and share information across geographic lines. Despite the firm’s early successes, a slew of financial failures tied to unpaid debt and general mismanagement ultimately led to its dissolution.

Kologik’s employee count stood at 39 as of April 24, and the most recent profit and loss statement for Kologik LLC shows that the company’s expenses exceeded its income by $166,645.85 in May.

As part of its restructuring efforts, Kologik agreed to sell the majority of its assets—customers, employees and applications included—to another entity called Kologik Software Inc. The asset sale and subsequent acquisition appear to have provided Kologik with the funds necessary to pay off creditors and ensure the continuation of its operations under a new corporate structure.

CEO Paul San Soucie tells Daily Report that Kologik’s customers have experienced “no disruptions in service” as a result of the bankruptcy proceedings and acquisition.

Founded in 2016, Greater Sum Ventures is a private equity firm that primarily invests in software and tech-enabled services companies.