Report: Daptiv, Maker of Project Management Software, Sold to Private Equity Firm
[Updated and corrected: 12:53 pm Pacific] Seattle-based Daptiv has struck a deal to sell its assets to a private equity firm, according to a report this morning in TechFlash. The sale to Laguna Hills, CA-based Parallax Capital Partners is worth $12.6 million, for a company that raised $30 million in venture capital in its 13-year history, according to the technology news website.
[Updated comment from company.] A spokesperson for Daptiv wouldn’t confirm whether the sale has been completed, but disputed previous reports that the company would be dissolved. The company plans to continue operations, and is retaining all 90 employees, the spokesperson said.
The sale is clearly a disappointing outcome for shareholders in Daptiv, which was founded as eProject. Former CEO Chase Franklin resigned last month after less than a year on the job, and the company laid off about 15 workers then, bringing its staff to 90 people. The company, which makes software used by more than 500 organizations, generated $18 million in revenue and posted a net loss of $2 million in 2008, according to TechFlash.
Daptiv’s backers include Bay Partners, Kennet Partners, King Street Partners, and Wolf Bay Holdings, according to a post last month from Xconomy’s national IT editor Greg Huang.