CitiKey: Another off the menu

CitiKey, a content provider for mobile and handheld PDA users, has become the first European wireless firm to file for bankruptcy.

Established in 1998 by Ziad Ismail, who won the European Innovation of the Year award, Citikey provided information on entertainment and accommodation. The company will close five offices around Europe, at the cost of around 90 jobs. CitiKey's Board of Directors yesterday evening voted unanimously, for bankruptcy, after a financing deal to take the company to its second round of funding failed. Two of the main investors, Crescendo Ventures and Atlas Venture, proposed an alternative business plan which was rejected by the board. A statement released by Citikey said it is "acting in the interests of the company's creditors." A spokesman for the company said: "It is all over."