Crowley revealed that neither preferred nor common stockholders saw a return on their investment despite the company’s history of substantial revenue. He pointed specifically to the firm’s performance under recent leadership, noting that after a 2019 private equity infusion and a subsequent change in management in 2021, the business failed to preserve its inherent value. This stands in contrast to the company’s earlier enterprise success, which had seen consecutive years of earnings exceeding $100 million.
Foursquare co-founder laments zero-return acquisition
The acquisition of location-data pioneer Foursquare by advertising firm Infillion last month ended with a stark financial reality: equity holders received no value from the deal. Co-founder Dennis Crowley confirmed the outcome in a recent post, expressing deep frustration over the final disposition of a company that once defined social discovery.
Reflecting on the legacy of the platform, which raised over $411 million in total funding according to PitchBook, Crowley apologized to the approximately 1,600 former employees who contributed to the brand over its 17-year lifespan. The company officially shuttered its consumer app earlier this year, marking the end of a service that influenced a generation of social mapping applications, including Zenly, Jagat, and location features within major platforms like Instagram and Snapchat.
Comments (0)
No comments yet. Be the first!