💥New Chapter 11 Bankruptcy Filing - Eye Care Leaders Portfolio Holdings LLC💥

Technology provider succumbs to ransomware, mismanagement and ... AWS.

On January 16, 2024, NC-based Eye Care Leaders Portfolio Holdings LLC and 34 affiliates (collectively, the "debtors") filed chapter 11 bankruptcy cases in the Northern District of Texas (Judge Larson). Upon first glance, this appears to be a healthcare case but in reality it’s a technology case: the debtors provide software that provides practice management, point of sale, electronic health records, surgical scheduling, revenue cycle management, and reporting solutions to ophthalmology and optometry practices. SaaS! All the rage!! Except when it’s a magnet for ransomware!!! Per the debtors, “The [d]ebtors’ financial challenges largely stem from ransomware attacks, security breaches, poor decisions made by past management, and development challenges and costs….” As the recent victims of a hack ourselves, we have some sympathy for these guys: it’s a dog eat dog world out there; there’s a war transpiring on the internet every single day that most of us do not see.

These dudes saw it. The finance department certainly saw it ⬇️.