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Burglary blast wrecks GroovyChannel's office

AUSTRALIAN software developer GroovyChannel's proposed $US7 million ($9.7 million) capital raising went off with a bang when thieves blasted open the company's safe in an apparent attempt to steal the source code for its accelerated SQL database technology.

Chief executive Joe Ward arrived at the company's North Sydney office yesterday morning to discover it had turned into a crime scene. Police are investigating the break-in.

Ward could not confirm whether anything was taken from the safe, but said the company's source code was secure with a service hosted in the US.

"They didn't get anything, but they left all the other valuable equipment sitting there untouched, including a $30,000 server from Intel," Mr Ward said.

"All they did was target the safe where we used to keep our software. There's concrete all over the floor and debris sprayed around the office."

He had no idea who might be behind the break-in.

Pretty interesting stuff. Obviously someone thought the source was valuable enough to take the risk. Unusual break-in, eh?

Writing open source software would save all of this hassle.

and put them into bankruptcy.

Self-edited, illogical remarks.

Closed source is a safe bet.

Wow, this just stinks of a setup to try to raise interest in their IPO - I assume that's what they mean by "capital raising"?