Birmingham VAR Interactive Control has bought the remaining assets of internet consultancy Myratech.net, which went into administration last month.
Myratech.net raised £4.9m in March 2000 with an Alternative Investment Market flotation. But the firm suspended trading of its shares last month and was put into the hands of administrator BDO Stoy Hayward.
Kim Rayment, BDO partner, said: "The company had almost ceased trading and was quite considerably insolvent."
Rayment added that Interactive had bought Myratech.net's to take on its remaining service provision contracts.
Mark Roberts, sales manager at Interactive, said: "Our primary concern is to try give Myratech's existing customers the best level of service as possible.
"Myratech.net was a nice little IT company which spotted an opportunity for a dot-com business that didn't take off. It just grew at a rate that wasn't sustainable."
According to Rayment, after having sold the bulk of the insolvent company's assets, he will be looking to explore the potential for a reverse take-over by re-floating it as a re-named cash shell.
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business