Smartlogik: It wasn't smart or logical enough

NEWS Smartlogik, the troubled company formerly known as Bright Station, has folded just one year after it changed its name and received a rescue package worth £13.5m. The company was the brainchild of internet entrepreneur Dan Wagner and provided software to the knowledge management sector. At its peak the company's shares were trading at more than £2, but yesterday there were suspended at just 14p - valuing the company at £654,126, according to the Financial Times. The company is selling most of its assets, including its business, name and website, to Applied Psychology Research (APR) for £1.75m. APR will also take on 36 of the company's 67 staff.