Intuition Capital and Litelogic
Adrian J Cotterill, Editor-in-Chief
Here’s the official press release from Intuition Capital about having acquired the assets of Litelogic Limited…
Leading Venture Capital company Intuition Capital announced yesterday that it had acquired the assets of Litelogic Limited, the outdoors digital media firm.
Intuition – previously a significant shareholder in Litelogic Limited – has injected the intellectual property into a new company called Litelogic IP Limited. It has also formed a second new company, Litelogic Operations Limited, which will licence that IP and focus on selling and marketing the Litelogic product range.
A spokesman for Intuition commented yesterday: “We originally invested in Litelogic because we could see the huge potential of its unique and innovative products. The challenge has been, and remains, ensuring that those products reach their full potential in the marketplace.
“To that end, Intuition has acquired Litelogic’s assets and formed Litelogic Operations which will bring a new focus on Sales and Marketing in US and UK markets and, we believe, lead to significant commercial success in the medium to long term.”
James Sirmon, co-founder of Litelogic Limited, said: “Intuition Capital has outstanding experience in acquiring and restructuring companies in this sector and this deal represents a great opportunity for these wonderful products to realise their potential.
“I look forward to working with Intuition on implementing a new Sales and Marketing strategy.”
March 10th, 2009 at 10:24 @475
It may be the way of the business world, but as an unsecured creditor of Litelogic Limited I find it gaulling that these venture capitalists can strip out the assets of a company with little or no regard for the small businesses that were supporting that Company to develop and market a product that they can now exploit.
Even more gaulling is the fact that the co-founder of Litelogic Limited is now free to work with the venture capitalists to continue to develop and market the product whilst his Company’s inability to pay it’s creditors threatens the very livelihood of others.
Smart guy!
March 16th, 2009 at 18:30 @812
Smart guy?
Heck, they’re downright prescient!
One of their senior staff claimed on their website thumbnail biogs to have worked on the Web, ten years before it was invented.
LOL!