> In conversation with our investors and the board, we believed that the best way forward was to shut down the company, as it was clear that an 8 year old product with no traction was not going to attract new investment. In our discussions, we agreed that continuity of the product was in the best interest of the users and the community (and of both founders and investors, who do not enjoy being blamed for shutting down tools they can no longer afford to run), and we agreed that this could best be achieved by selling it to the employees.
Any other examples of that? I'm particularly interested in that for this kind of software product.
> In conversation with our investors and the board, we believed that the best way forward was to shut down the company, as it was clear that an 8 year old product with no traction was not going to attract new investment. In our discussions, we agreed that continuity of the product was in the best interest of the users and the community (and of both founders and investors, who do not enjoy being blamed for shutting down tools they can no longer afford to run), and we agreed that this could best be achieved by selling it to the employees.
Any other examples of that? I'm particularly interested in that for this kind of software product.