It’s not often that a company announces the acquisition of another company and then subsequently walks away from the deal, but PayPerPost isn’t a typical kind of company.
In a post on the PayPerPost blog today, the company said “We…dug into the Metrics platform and regretfully found that it wasn’t what we were looking for right now.” That came just a week after the official announcement of the acquisition.
Generally speaking, responsible companies “dig into” the acquisition target before they announce a deal.
Whatever happened, this isn’t pretty. After the deal was announced, Performancing moved their non-acquired assets to a new domain name and re-launched that service. They certainly stopped talking to other potential acquirors, given that the deal was officially announced. In merger-land, this is what’s known as “being left at the altar” because everyone down the road who you talk to will want to know why the previous deal exploded.
Performancing should have had a more nailed down acquisition agreement, so they aren’t entirely blameless. But PayPerPost is becoming an increasingly ridiculous startup, and a black eye for investor Draper Fisher Jurvetson.
Our previous coverage of PayPerPost is here.