While the vendor is no longer selling software, its service is still live and the company is working with customers on transition plans, according to the source.

It is unlikely LucidEra will continue operating as a stand-alone entity, but more news could emerge in coming days, the source said.

The San Mateo, California, vendor's troubles come just one after it announced the latest version of its software, which helps sales organizations analyze financial and CRM (customer relationship management) application data.

The company US$15.6 million in Series B venture capital funding in August 2007.

LucidEra's competitors, which include PivotLink, Good Data and Birst, reacted quickly to the company's apparent demise.