Ouya (the company) is up for sale!

Started by Dr. Pezus, Apr 28, 2015, 07:55 PM

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Dr. Pezus

Apr 28, 2015, 07:55 PM
QuoteGaming company OUYA is on the auction block after tripping a debt covenant, according to a confidential email sent out earlier this month from CEO Julie Uhrman to company investors and advisors.

Investment bank Mesa Global — which recently managed the sale of music service Songza to Google GOOG -0.27% — has been hired to manage the process. No word yet on asking price.

OUYA originally raised $15 million in Series A funding in early 2013 from investors like Kleiner Perkins, Mayfield Fund, Occam Partners, Shasta Ventures and NVIDIA NVDA 0.18% . Not too long after, it quietly secured some venture debt from TriplePoint Capital.

It is unclear exactly how much was lent by TriplePoint, except that it must have been more than the $10 million that OUYA raised just two months ago from Alibaba BABA 0.06% . Debt restructuring negotiations were unsuccessful. In her memo, Uhrman writes: "Given our debtholder's timeline, the process will be quick. We are looking for expressions of interest by the end of this month."

Legend

#1
Apr 28, 2015, 08:18 PM
I think this is a prime example of how we as a whole suck at differentiating between the coolness of an idea and the reality of that idea. Why the heck did we give them millions ahha.

Mmm_fish_tacos

#2
Apr 28, 2015, 08:20 PM
I'd buy that for a dollar.

darkknightkryta

#3
Apr 28, 2015, 08:23 PM
Quote from: Legend on Apr 28, 2015, 08:18 PM
I think this is a prime example of how we as a whole suck at differentiating between the coolness of an idea and the reality of that idea. Why the heck did we give them millions ahha.
They thought there was a market for cellphone games not on a cellphone...

Legend

#4
Apr 28, 2015, 08:32 PM

BasilZero

#5
Apr 29, 2015, 12:23 AM
Well that didnt last long.

Truly the N-Gage of this generation.

Legend

#6
Apr 29, 2015, 12:41 AM
Quote from: BasilZero on Apr 29, 2015, 12:23 AM
Well that didnt last long.

Truly the N-Gage of this generation.

Hey don't insult the n gage like that!

kitler53

#7
Apr 29, 2015, 03:11 AM
Quote from: Legend on Apr 28, 2015, 08:18 PM
I think this is a prime example of how we as a whole suck at differentiating between the coolness of an idea and the reality of that idea. Why the heck did we give them millions ahha.

the idea was never cool.
         

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Dr. Pezus

#8
Apr 29, 2015, 04:58 PM
Quote from: kitler53 on Apr 29, 2015, 03:11 AM
the idea was never cool.
explains how it broke records on kickstarter >_>

Legend

#9
Apr 29, 2015, 05:03 PM
Quote from: Pezus on Apr 29, 2015, 04:58 PM
explains how it broke records on kickstarter >_>

And all the hype back then! People thinking Sony and xbox were doomed lol.
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