Edgeio Assets To Be Auctioned Off (250K reserve)

[companyone]

Hi,

I Thought maybe some exclusive members might have interest in this:


http://wiki.edgeio.com/display/ExternalWiki/Home

http://www.domaintools.com/edgeio-auction/

A few days ago Techcrunch broke the news that Edgeio was joining the dead pool. The business is being shut down and the company is closing. That leaves one thing left to do, Edgeio has listed all their assets for sale in our auction platform. We are holding a special auction for them at www.domaintools.com/edgeio-auction/. The auction starts immediately and will run for the next week and end on Friday the 21st and 11:00am PST. The auction process will stay open if any bids are received in the last five minutes of the auction. To qualify for the auction, bidders will need to contact Susan Prosser at +1.206.838.9032 before being allowed to bid. Escrow will close this calendar year and funds will be delivered to the seller before the end of 2007.

The edgeio assets are starting at a reserver price of $250,000.

There is a separate auction for the Adaptive Real Estate Services assets as well. The company was purchased by Edgeio last year for $200,000 and an additional $300,000 was poured into it. The reserve price on that lot is $150,000. These two lots are set with low reserve prices and are both expected to sell.

Edgeio raised $6m in venture capital since December 2005. It’s investors included Intel Capital; Transcosmos; Solborn; RSS Investors; Ron Conway; Frank Caufield; and other well know angels. Its traffic and partnerships have grown significantly, but due to difficulties raising its next round of financing it was decided to close the company and seek a sale of its assets to a new owner.

The DomainTools auction platform is more versatile then just being able sell million dollar domains, we can auction any product including corporate assets. Ebay has that instant close process and doesn’t maximize the value for the seller. Our custom auction system was build with AJAX and instant updates, users don’t need to fresh the page to see changes in the bid history or if they are the current leader or not, everything is pushed to the users browser. What better way to auction a Web 2.0 company then a Web 2.0 Auction system. Domain Tools

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**Disclaimer: I have no interest financially or other interest in this...Just posting it for FYI.

Best,
Dan

 

[companyone]

The auction of Edgeio’s assets is complete, and Looksmart is the winning bidder. They’ve acquired most of the assets of the company for $280,000.

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.

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