Akimbo has ceased operation and has pared down to a skeleton crew, including CFO Peter Chantel, who will try to sell what’s left of the company.
The shutdown and sale was confirmed by former COO Neil Goldberg, who left the company last week. Chantel could not be reached for details by press time.
The company, founded in 2002, remade itself several times as it attempted to keep up with evolving means and methods of delivering Internet-based content. It started with a hardware-based approach to providing Internet-based video-on-demand (VOD).
Akimbo’s latest makeover occurred only three months ago, as it tweaked its approach and became a software-based Internet VOD company that enabled any Web-based content owner to provide video through the Akimbo system – becoming what it called a “white label” provider.
Investors included AT&T, Cisco and several venture capital funds, who together, by one tally, had poured more than $56 million into the company.
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