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DeepNewz, mobile.
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HeadSpin, a mobile app testing company, has been sold to Canadian private equity firm PartnerOne in a fire sale. The company's founder is currently serving a prison sentence for fraud. HeadSpin, which raised $117 million since its inception in 2015 and was last valued at $1.1 billion in 2020, was sold for $20M-$40M, according to sources. Most of its former employees received nothing for their stock options, which were canceled as they were deemed 'underwater.'
Headspin a mobile app testing company that raised $117M and was valued at $1.1B is selling for $20M-$40M to a private equity firm while its founder is in prison for fraud..there will be more behavior that surfaces from fraudulent founders
PartnerOne acquires HeadSpin, whose founder is serving a jail sentence for fraud; email: employees' stock options were canceled as the options were "underwater" (@bayareawriter / TechCrunch) https://t.co/VGRb3pQly9 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/VyJobIS5y5
For anyone who wonders whether VCs do “much better diligence” than retail investors - hint: They do not. They can just keep the company going longer. HeadSpin, whose founder is in prison for fraud, sold to PE firm for 'cents on the dollar,' TechCrunch https://t.co/aVZuvvghGI
