ODEO Gets Acquired For More Than A Million
On February 20, ODEO wrote on their blog that they were looking for a new home. ODEO was owned by Obvious.com, who are the same creators of Twitter. Since Obvious is focused on Twitter and that company is doing very well, letting go of ODEO was not a very hard decision.
ODEO was acquired by SonicMountain, a New York based startup company. TechCrunch reported that the price was not disclosed, but the amount is above $1 million in cash. The founder of ODEO and Obvious.com, Evan Williams will be working at SonicMountain as an advisor for 6 months.
ODEO has had a rocky past. The company previously raised $5 million in funding from Charles River Ventures and a few other angel investors. After that, Evan Williams didn’t like the idea of having investors, so they bought the company back. The amount that they paid back for the company is rumored to be above the $5 million. Sometimes you make decisions and can’t look back. Congratulations to Obvious.com and SonicMountain.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry