March 25, 2011 Leave a comment
Last week the investors in WeComm, us included, sold the business to Opentext. As usual with these sorts of deals we can’t disclose anything about the terms of the sale but we believe the sale was a pretty good outcome for the shareholders. Opentext proved to be a forward-thinking buyer who could appreciate the strategic value of the technology that WeComm has developed since 1999 and the opportunity that the potential power of a design-once, deploy anywhere platform represents. We wish them good luck with growing the business into their significant customer base.
While we made some money on this investment, we have learnt first-hand why professional investors in Europe are so reluctant to go near early stage mobile software companies. Saying that, we are not discouraged from what we believe continues to be an industry which has extremely exciting prospects. Instead we bear some scars that will influence how we will approach the path to building valuable businesses in this area in the future.