Skip to content
Link copied to clipboard

N.J. tech firm Dorado Systems shuttering Old City office after one year

234 Market St.
234 Market St.Read moreWolf Commercial Real Estate

South Jersey software developer Dorado Systems L.L.C. is shuttering the Old City office it opened just over a year ago in the hope of drawing on the city's pool of tech-savvy talent.

A phone message left Friday with Dorado chief operations officer Michael Matt was not immediately returned.

The company, which develops health-care-eligibility verification software and digital-invoicing tools, announced in August 2015 that it was opening the Old City space to serve as a research-and-development facility under the leadership of newly hired chief technology officer Scott Wasserman, a Philadelphia tech-industry veteran.

The company disclosed in an October 2015 regulatory filing that it had raised $8 million in equity. Philadelphia Business Journal reported that that would largely be spent to expand the Philadelphia operations.

Boston private-equity firm Spring Lake Equity Partners said in a release that it had participated in the funding round, for which Dorado was advised by Spouting Rock Capital Advisors L.L.C. of Radnor.

Wasserman, whose previous venture Artisan Mobile was sold to Seattle-based marketing-technology firm Tune Inc. in July 2015, ceased working for Dorado in June, according to his LinkedIn profile. He did not immediately return a phone message Friday.