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Old 04-23-2009, 11:24 PM  
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Default Zango files for bankruptcy

The Zango virus is dead:

Zango closes shop, investors lose big

ADOTAS — After raising $150 million in debt and equity financing and integrating five mergers and acquisitions over the last decade, the online media shop that provided free downloads of games, music and other content in exchange for the ability to serve ads is no more.

(via peHUB) According to some detailed blog posts by co-founder and * CTO Ken Smith, Zango got in trouble by screwing up its distribution, financing its acquisitions with too much debt, being unfairly charged with affiliate commission stealing and failing to deliver adequate value in exchange for the advertisements. There were also accusations of illegally installing software.

On the positive side, according to Smith, Zango made some great acquisitions, including LoudCash, Hotbar, and SmartShopper, and developed a unique and innovative business model. The company also had great employees and culture. That will mollify the investors.

The shut-down included a “fire sale” of its assets to search startup Blinkx, according to Smith. I still have a phone call out to the company for comment.

Zango shut its shop in Tel Aviv January, so problems were on the horizons, 51 Zango employees were affected by that closure. In June, Zango laid off 75 workers, 20 of whom were based in Israel, blaming the grim economic climate on the firings.

UPDATE: According to ComputerWorld, a Blinkx spokesman said the firm had purchased some of Zango’s assets and that Zango was shut down after its bank foreclosed on the company.
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Zango files for bankruptcy

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