Powerway finds its Waypoint

May 11, 2009
Back when the automakers were on a roll, Powerway Inc. looked so promising that a public offering seemed around the bend.

That was 2003, but the maker of quality control software for auto and other manufacturers found its fortunes declining in recent years as car companies struggled. Chrysler Corp., now bankrupt, ended its supply contract with Powerway last year.

And now Powerway itself is gone—at least in name. Waypoint Global LLC, a software company founded in Indiana by Donald Tharp in 2005, said it has bought the assets of Powerway for an undisclosed price. Waypoint, now based in Beijing, sells software tailored toward product planning and development and is focused on the Chinese market.

But Powerway CEO David Chambliss won't be without a job. He'll fill the same job at Waypoint, which operates at Powerway's old 429 N. Pennsylvania St. headquarters. At one point last year, Powerway still had about 40 employees, but it's not clear how many remain under the Waypoint deal. Neither Chambliss nor other Waypoint officials returned phone calls.

Last year, Powerway also had among its clients Italy's Fiat Group, which effectively is swallowing up Chrysler as part of the latter's Chapter 11 bankruptcy. It is unclear whether Fiat is still a client.
Source: XMLAr01100.xml

Recent Articles by IBJ Staff

Comments powered by Disqus