The company has been trying to raise a new round of venture capital and almost succeeded in early 2010, sources say, but for a variety of reasons the deal never closed. Facebook was also close to acquiring the company in the Summer, say multiple sources. The deal, like many other Facebook acquisitions, would have given investors some of their capital back, with lucrative stock-based compensation going to founders and employees.
But that deal fell through too.
With no new investors at hand and a couple of competitors like Click Forensics executing extremely well, the company’s investors and creditors made a hard decision, say our sources – shut things down and sell off the assets. WTI should have its debt repaid and there may be some additional proceeds to divide up among investors.