Edgeio For Sale

December 12th, 2007 at 12:00 am
 


Recently announced to close down , classifieds listing web site Edgeio is now selling off its assets by auction.

Edgeio is a classified listings service co-founded by TechCrunch superstar Michael Arrington launched in 2006.  The company which raised about $5million in VC funding has burned through the money as planned but has failed to meet revenue expectations to continue operations.

Edgeio made their announce ment to shut dow last week and today have announced that they are selling Edgeio assets by auction.  Interested parties may visit Domain Tools to cast their bid which start at $250,000.  The auction ends on December 21.  Details of Edgeio can be found here as well as the items for sale like the source code and other stuff.

Also in the auction is Adaptive Real Estate Services.  This company was acquired by Edgeio in 2006 for $200,000 dollars.

Now what I really don’t get here is, if the companies up for sale aren’t making their targeted revenues, why would anybody want to buy them?  I’ve been watching a lot of TopGear lately and from what I see, second hand cars don’t cost as much as brand new ones, unless of course there’s something special with the old car.  Anyway, I’m no expert at buying and selling companies nor do I really know what the source code for a failed company is worth, but it still is a lot for a bootstrapping startup.  My guess is, whoever is going to but the source codes for Edgeio has is filthy rich or has a pretty good trick up his sleeve.