Atomoo to Cease Operations
Loss of key investor causing "new strategic plan to falter and ultimately fail.”
The company says a key investor withdrew, causing its “new strategic plan to falter and ultimately fail.”
Rumors that the Chicago-based company had ceased operations circulated during CEDIA Expo 2009.Phone calls and e-mails to Post have gone unanswered.
Post sent out the following e-mail this morning:
It is with much regret and sadness that at the end of this week, operations for Atomoo will cease. Over the last couple of months we had put a strategy together based on feedback from all our customers that we felt would be the next step in providing superior service to the end customers and an exciting future technical advantage that would greatly expand our market.
We met with many investors and this spring and early summer and we believed we had the funding relationships to move forward with a viable strategic plan. Unfortunately, a key member of the new funding round decided not to proceed, causing our new strategic plan to falter and ultimately fail. Family and financial pressures on Atomoo’s management team members caused them to seek other alternatives.
Over the next two weeks we will be working with another party to have a monitoring solution in place for you to work with if you choose. Even though day to day activities will cease, I believe that Atomoo has the right strategy for the future and will look forward to any help or advice you can give.
Thank you for all your support,
Atomoo, which emphasized the value of a recurring revenue foundation for CE pros, launched in 2008. Post and VP of sales and services Thad Glavin were partners at LouisClark Ltd., a residential systems integration business in Evanston, Ill.
The news comes on the heals of a report that a withdrawn investor may cause Colorado vNet also shut down.
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Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing. Have a suggestion or a topic you want to read more about? Email Tom at firstname.lastname@example.org
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