The $701 million Vantage Credit Union in Bridgeton, Mo., has been trying to get code updates from Pano Logic for a project it planned to complete with the Redwood City, Calif.-based vendor, which has provided technology solutions to the credit union for several years.
But for the past two weeks, the credit union hasn’t been able to reach anyone who works for the company, according to Matt Fagala, systems architect specialist for Vantage CU.
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Pano Logic’s former San Francisco-based public relations firm told Credit Union Times this week that the company has gone out of business, leaving clients with questions.
Another client, the $3.4 billion Redstone FCU in Alabama, had just announced it was replacing hundreds of its desktop PCs with the company’s virtual end user system. That credit union told Credit Union Times it was reviewing the situation.
Vantage CU began using the company’s Pano System for VDI, an end-to-end, virtual hardware and software desktop solution, around two years ago, and uses Pano Logic’s devices at nearly all of its branches, Fagala said. The credit union has been in regular contact with Pano Logic’s support staff until recently, he said.
Fagala said the financial repercussions of the company’s sudden closure could be dire for its clients, given they’ll have to repurchase and relicense new devices to replace those they received from Pano Logic.
“Now, we will have to find something else, as will everyone else who uses them,” Fagala said. “So it’s going to have a pretty big impact. The weird thing is that no information has come out. It just seems odd to me.”
