IQor

History

After becoming CEO and President of iQor in January 2004, Vikas Kapoor built the company's computing platforms, developer tools, and cloud computing services. Its employee base grew from 4,000 to 14,000. This success led InformationWeek magazine to rank iQor #27 among the top technology innovators in the US.

In September 2020, iQor filed for Chapter 11 bankruptcy protection with plans to eliminate $513 million in long-term debt and sell its assets to lenders. It emerged from bankruptcy two months later.

In 2024, iQor was acquired by Mill Point Capital (MPC). It is currently a privately held firm owned by MPC and the iQor management team.

Investigations

In 2012, a CBC news investigation found that iQor routinely and sometimes knowingly repeatedly contacted people who did not owe debt in Canada. The investigation noted that in 2012, two Canadian provinces had fined iQor for violating provincial regulations. In 2010, Allied Interstate, a subsidiary of iQor, was fined $1.75 million by the Federal Trade Commission for harassing debtors and trying to collect from the wrong people.

References

References

1. (1 November 2010). "iQor Acquires RMS". Globe Newsire.
2. Randles, Jonathan. (September 10, 2020). "Private-Equity-Backed iQor Files for Bankruptcy to Cut Debt".
3. (November 19, 2020). "iQor Emerges from Chapter 11 Process, Successfully Completes Financial Restructuring".
4. (2024-06-17). "Mill Point Capital Completes Acquisition of iQor".
5. "Collection agency harassed debt-free Canadians".
6. "Obama Relies on Debt Collectors Profiting From Student Loan Woe".