After two years and we think something like a two million dollar investment, Tom Simonds founder of The Simage Network shut its doors.
Although we hear that CEO Simonds and the management team he initially hired were unable to raise a dollar of investment money and sign one real advertiser it’s actually a mystery as to why Simonds would give up at this stage of the game.
The company we understand was finally taking a profitable position for the first time in their two year history. Venture capitalists were circling the waters looking to take the fledgling network to the next level. Things seemed to be going in the right direction.
In September 2010, Simonds relinquished the role of CEO to a new management team, who took the opportunity to re-brand the company and unveil a new strategic direction that showcased their original content strategy.
By February of this year, The Simage Network and the new management team had signed national brand Miller Lite as a client and were in pre-production to produce the very first beer branded digital short features that were going to premiere on the network.
However on February 28th, Simonds we are told announced internally that “he didn’t like the industry, didn’t trust the people in the bar business, wasn’t happy” and wanted out, effective immediately.
We understand that somewhat rash decision has left some employees without any severance, as well as vendors and customers confused and in the dark.
It actually seems that before a management buyout could be arranged or another network could come in and buy the remainder of the network, Simonds dismantled Simage, changing the locks and leaving his staff without jobs and the industry confused.