Biodata

Biodata Information Technology AG was a German company in the IT security sector. It was part of the New Economy and was based in Frankenberg (Eder).

 History 
In 1984, Tan Siekmann bought the Biodata limited liability company from his parents for one Deutschmark when he was 16. Under his leadership, Biodata made hardware for encrypting internet, phone, and satellite signals.

At first, Biodata made software for doctors and pharmacists. By the late 1980s, it started making network components, including the BioNet series for Atari-ST computers. In 1994, it developed the ISDN router called BIG ("Bionet Intelligent Gateway").

In 2000, Biodata went public on the Neuer Markt stock exchange. Its shares, initially priced at 45 euros, rose to 302 euros on the first day and peaked at 439 euros, giving Biodata a valuation over 2 billion euros.

After suffering a loss of 70 million euros in 2001, Biodata filed for bankruptcy in November, becoming the first company in the Nemax 50 index to do so. In February 2002, a court began bankruptcy proceedings. Siekmann bought some assets back and started a new company, Biodata Systems GmbH, focusing on ISDN encryption.

In 2004, Biodata Systems GmbH filed for bankruptcy after failing to reach profitability and to secure a sale to an international company. Around this time, the company was accused of stealing software code. Siekmann later formed a new company, Safe-Com GmbH & Co. KG, at the family-owned Burg Lichtenfels.

In 2004, Siekmann and two other executives were charged with violating accounting rules and insider trading, but the case was dropped in 2009.

 References 

Category:Defunct companies
Category:Technology companies of Germany