M Corp has left the building – and the Financial Information System for California (Fi$Cal) project.
The Sacramento-based company has exited the high-profile state contract simply because of its success. M Corp — one of the fastest-growing IT firms in the nation during the past three years, according to Inc. magazine – now fails to meet the Small Business Certification, losing the designation after the contract was issued.
“It’s an unfortunate situation, where M Corp’s growth would affect our ability to meet the requirements of the small business program,” said CherryRoad President Jeremy Gulban.
“We are deeply disappointed, especially after being awarded the contract and working hard on the project for the past several months,” says M Corp CEO Alex Castro. “But, we completely understand the situation.”
M Corp was hired as a subcontractor to CherryRoad Technologies Inc.
“M Corp provided high-quality work and we greatly appreciate their effort and support,” said CherryRoad Technologies Inc. President Jeremy Gulban. “It’s an unfortunate situation, where M Corp’s growth would affect our ability to meet the requirements of the small business program.”
The Sacramento Business Journal and Techwire.net had stories on M Corp leaving the project.
M Corp currently has several major projects under way, including those for CalPERS and the State of Texas, as well as one for the California Department of Justice, according to information released by the Department of General Services and reported by Techwire.net.