Data services platform startup Megisto Systems Inc. is believed to have sold its assets to Interactive Technology Holdings Ltd. (ITHL), a Hong-Kong based vendor with which it had previously struck a reseller partnership (see Megisto Gets Asian Reseller).

“Megisto this week concluded a transaction, selling its product and all its customers to another company,” writes Megisto CEO Gordon Saussy in an email note to Unstrung. “A number of our employees have also joined that company to continue development on the product. The transition on the Website is a first step towards defining the new public face of what has been Megisto, and the product is going to be a serious factor in the market for quite some time to come.”

Saussy was unable to disclose the identity of the buyer, but several sources tell Unstrung that a deal worth around $1 million has been struck with ITHL. The Hong Kong vendor was not available for comment at press time.

“I’m very happy that the product and team are going forward, supporting our existing customers and winning new ones, and wish them tremendous success,” adds Saussy.

Megisto scored around $60 million in VC funding and announced deals at Maxis Communications Bhd., Meteor Mobile Communications Ltd., and StarHub Pte. Ltd. (see Megisto Flickers in Europe, Megisto Maxes Up, and Megisto Gleams at StarHub).

Rumors that the vendor was struggling to stay alive were rife for several weeks, and the company has never been too far from speculation surrounding its health (see Wireless Scuttlebutt, Megisto Defends Maxis Win, and Megisto Denies Brain Drain). In 2003 Megisto underwent a major shift in market focus, providing infrastructure for “value-added services, specifically in prepaid, content charging, and service packaging,” rather than attempting to tackle incumbent vendors in the GGSN (GPRS Gateway Support Node) and PDSN (Packet Data Serving Node) markets (see Megisto Breaks Silence).

— Justin Springham, Senior Editor, Europe, Unstrung