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Wednesday, October 10, 2012

Engadget: OnLive was reportedly sold for roughly $5 million to venture capital firm

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Engadget
Engadget
OnLive was reportedly sold for roughly $5 million to venture capital firm
Oct 11th 2012, 01:40

OnLive was reportedly sold for roughly $5 million to venture capital firm

Even though weeks have passed since that well-documented OnLive kerfuffle took place, where unfortunate layoffs and the formation of a "new company" were at the forefront of it all, previously unknown details are still coming out of the woodwork. According to Mercury News, the once-promising cloud gaming outfit was purchased by a venture capital group for a mere $4.8 million, which appears to be a relatively small amount of cash for an outfit once valued upwards of $1.8 billion -- not to mention when compared to, say, rival Gaikai's $380 million sale to Sony. Still, this is said to have been due to the bad shape OnLive was in at the time, with the Palo Alto-based company reportedly owing more than $18 million in debt, leaving it with no choice but to take "the best that it could get."

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OnLive was reportedly sold for roughly $5 million to venture capital firm originally appeared on Engadget on Wed, 10 Oct 2012 21:40:00 EDT. Please see our terms for use of feeds.

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Written by Hasloo Network staff.