South Australian network traffic software developer Foursticks has gone into voluntary administration.
A company statement said Michael Basedow and Tarquin Koch of MHM were appointed as joint and several administrators of Foursticks on 22 April.
The first creditors' meeting was held at MHM's Unley premises in Adelaide on 2 May.
The news comes hard behind the company's announcement in March that it was planning for a growth surge, including preparations to double the developer's size and recruit a new management team.
Foursticks said in the March announcement that it had expected revenue from its European operations to exceed its "multimillion-dollar" Australian turnover within a year, the company said in another statement.
The Adelaide developer's network performance software aimed to monitor network use and prioritise critical traffic.
Its first two years of sales saw Foursticks build a blue chip Australian client list that included Commonwealth Bank, Santos, Bridgestone, Orlando Wyndham, BRL Hardy, Pasminco/Zinifex and Saab Systems.
Foursticks founder David Bohn said at the time that the company had needed a different management skillset. Foursticks software helped stop network service degradation, which was an "increasingly severe problem", he said in a statement.
"Especially as services such as VoIP and Video-on-Demand become more widespread. We get one shot at doing this right, so we are regrouping to make sure that we can handle rapid rates of growth," he was quoted as saying.
Foursticks was established four years ago, the statement said.