Thursday, April 28, 2011

Social Networking Bubbles Continues to Percolate - 12 Week Old Startup Company Sells for $20-$30M!

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I don't usually go to the New York Post for my financial news, but someone pointed this story out to me, and if true - it is amazing.  I am beginning to have flash backs to the days when Yahoo made Mark Cuban a billionaire with their stupid $5B buyout of Broadcast.com.  Apparently a guy named Adam Cahan started a company 12 weeks ago, and just sold it to Yahoo for somewhere north of $20M.

  • In every coffee shop and Internet café in Silicon Valley, tech hotshots dream about turning their ideas into a million-dollar winner. Few, though, probably think they can do it in three months.
  • But that is exactly what happened to Adam Cahan. Just 12 weeks ago, he started IntoNow, a social-networking tool that allows TV viewers to identify shows they are watching and tell their friends.  Yesterday, he sold the company to Yahoo! for between $20 million and $30 million -- including costs to retain the seven-person staff, according to people familiar with the matter. 
  • IntoNow, founded in Palo Alto, Calif., works similar to Shazam, an application that works in the music sector.  "Twelve weeks might be a record of sorts" from startup to exit, said Cahan, who is a new vice-president at Yahoo! following the sale.
  • Indeed, the acquisition is among the more buzzed-about deals so far this year and indicates how hot the tech sector continues to be. IntoNow represents the latest trend in "checking-in" that started with real-world services such as Foursquare and migrated to the virtual world of sharing one's digital whereabouts. "Relying on social channels as a means for discovering content -- whether it's on a PC, mobile device or TV -- is rapidly on the rise," Yahoo! said in a statement yesterday.

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