BuildNet was riding high earlier this year when it made national news by receiving a Southeast record-breaking $107 million in venture capital.
Much of that investment came from players in the building industry. With the funds in hand, BuildNet went on an aggressive spending spree and acquired more than 10 companies.
A company spokesperson said BuildNet's debt in the public markets was being delayed by its acquisition program and hassles with the Securities and Exchange Commission.
Industry sources say BuildNet's single-vision efforts to promote on-line activities caused the demise of its software products. Terms for an IPO have not been determined.
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