I was just pinged by former CEO of Podango, Lee Gibbons, regarding the sale of the company.
If you recall, we talked about the demise of the company a few weeks ago, with where and how it’ll eventually end up. The word at the time was that they expected to relaunch at some point during January:
Just last week we found out that a planned investment was delayed putting us in a financial situation where we will need to restructure through various strategic opportunities that are evolving. We expect at some point within the next month or so to relaunch under a different structure and possibly with a new owner.
Obviously, that didn’t exactly happen, although they haven’t been sitting on their laurels this whole time making no progress towards that goal.
Lee told me in December that a number of things were in the works to try to revive the company under different banners:
Lee also gave me some clues as to the eventual future for Podango. Doug Smith is currently heading up the acquisition plans, but given the variety of asset types the company has in it’s arsenal, it’s very likely that they’ll be parted out to a number of different new organizations.
An update from Doug Smith via Lee Gibbons today sheds more light on how that’s going:
After seeking funding from both traditional and nontraditional sources for over a year, the founders of Podango have elected to sell. We have a handful of suiters, but we don't want to sell quietly with people later saying, as they did with Odeo and Podtech, "gee, if I had known I would have..."
We are going to close the bidding pool on the 10th and move quickly to bidding, then closing.
As I outlined in December, there are still a number of very valuable assets that sit underneath the banner of Podango, despite their current bout of insolvency, definitely meriting attention.
If you’re one of those “gee, I wish I could get in on that” types, you should contact Doug Smith (doug@Podango.com).
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