A dispute between quality management software provider IQS and its founder and former chairman, John Cachat, became public this week, just three weeks shy of the one-year anniversary of their parting ways.
In a statement issued today, Cachat said he was terminated Nov. 2, 2008, and did not leave the company voluntarily “to seek other opportunities,” as IQS stated yesterday in a “Fall Update” letter to its customers.
“I worked with a lot of the existing IQS customers and I do not want them to think that I cashed out and abandoned them,” Cachat said in his statement. “This was not my idea. I was terminated.” He listed Eaton Corp., Parker Hannifin, Shiloh Corp., ABB, Alcoa, and others as customers he had been personally involved with over his 20-year history with IQS.
In addition, Cachat said he filed a lawsuit against IQS and the IQS board on April 10, 2009, claiming breach of contract and breach of fiduciary duties, among other things. An amended complaint citing Apex Venture Partners, a Chicago-based venture capital fund, is now pending with the court, he said. Apex provides funding to privately run IQS, and two Apex general partners, Wayne Boulais and George Middlemas, are IQS board members, according to IQS’ website.