OnLive Gets Dissolved, Assets Sold To Another Company
It seems the saying "to good to be true" has come to pass for OnLive. The company known to be number one in cloud-based gaming with a value of nearly $1.8 Billion at one time, just wasn't able to gain enough traction to make it all work. As of today the company's assets have been acquired by another unknown company, this however does not mean the services provided by OnLive will be shut down. Instead, according to a company statement, “We can now confirm that the assets of OnLive, Inc. have been acquired into a newly formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive’s apps and devices, as well as game, productivity and enterprise partnerships," and that "The new company is hiring a large percentage of OnLive, Inc.’s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services. We apologize that we were unable to comment on this transaction until it completed and were limited to reporting on news related to OnLive’s businesses. Now that the transaction is complete, we are able to make this statement.”
Perlman founded OnLive almost a decade ago. OnLive had hundreds of employees. Investors included HTC, Warner Bros., Autodesk, Maverick Capital, AT&T, British Telecommunications, and The Belgacom Group. The odds are quite strong that the investors and the former employees are not going to reap as much equity in the new company, whatever it is. But to keep the current employees on board, OnLive, or at least the new entity, will likely have to offer them new options.
Posted by | Sat, Aug 18, 2012 - 02:27 PM