HILLSBORO, Ore. — Fortior Solutions, the Hillsboro company known as SureID during better times, has filed for Chapter 11 bankruptcy protection.
The filing Friday capped an awful year for the company, once among Oregon’s most highly touted tech businesses. SureID collapsed last spring after losing a contract to supply identity verification services to the U.S. Navy, a deal that was responsible for 70 percent of its $57 million in revenue.
The bankruptcy filing, first noted by Adam Stein-Sapir of Pioneer Funding Group, says Fortior owed $57.9 million under a loan agreement with Goldman Sachs dating to 2015. Without the Navy business, SureID had no way to cover the debt.
The remaining portion of SureID changed its name to Fortior, focused on verification contracts with other branches of the military. Fortior had approximately 105 employees left after the Sterling deal.
