I spoke to Patrick Chapman, LookSmart’s director of corporate development, briefly after the auction closed this morning. He says its too early to say what they’ll do with the assets, but they’ll likely issue a press release sometime soon. Chapman says he’ll be talking to Edgeio’s former employees and will hopefully offer some or all of them jobs with LookSmart.
LookSmart is a small public company with a market cap of around $68 million. They’ve made some recent moves to build the business back to what it was in the 90’s, including a recent share repurchase announcement.
This marks the end of this stage of Edgeio, a company I co-founded with Keith Teare in 2005 and which we put into the deadpool earlier this month. But I am happy to see the assets move to a company with the resources to move the ideas forward.