Littlefeet Isn't Dead...
The mini-base-station startup Littlefeet Inc. has put itself on the block and should sell its technology assets with the next 60 days, according to the company hired to help it find a buyer (see Whither Littlefeet?).
Brian Sagi, CEO of Cerian Technology Ventures LLC -- a company founded to sell off a distressed firm's technology so that the stakeholders get at least some cash back on their investment -- called Unstrung today to say that Littlefeet is now accepting offers on its portfolio (see Littlefeet's First Steps for more on its mini-base-station architecture).
"We've got one bid in already," says Sagi. Although the final selling price is likely to be less than the $60 million plus that he reckons venture capitalists pumped into the company. [Ed. note: We believe this just might be what's known in the footware trade as a firesale.]
Littlefeet "encountered some financial difficulties at the beginning of this year," according to Sagi. It was forced thereby to sock it to most of its employees and start selling off its technology.
Littlefeet has "over a dozen customers," Sagi says. There is a particular interest in this technology in China, he adds, which, erm... fits with what Littlefeet execs told Unstrung before most of them got the boot (see Littlefeet Kicks Into China). [Ed. note: And the Chinese have, of course, historically been fond of teeny tootsies.]
Sagi expects to select a winning bid for the technology soon, but is still accepting offers. If you can scrape up some change from under the couch you might want to email him at [email protected].
— Dan Jones, Site Editor, Unstrung