IBM launches first-ever start-up accelerator
All 50 employees at the Tel Aviv R&D center have been fired.
Sources inform ''Globes'' that online media company Zango Inc. has closed its R&D center in Tel Aviv and fired all 50 employees. In June, the company laid off 75 employees, including 20 in Israel because of a drastic slide in the number of users and revenue, which forced the company to revamp its business plan.
Zango was founded in June 2006 through the merger of Israel's Hotbar Ltd. with 180Solutions Inc. of the US at a company value of $52 million for Hotbar. At the time, Hotbar founder and CEO Oren Dobronsky voiced optimism, saying that the merger would "meet demand from both customers and advertisers using the new tools that Zango offers."
Following the closure of the Tel Aviv R&D center, Zango will have five offices in three countries.
Dobronsky co-founded Hotbar in 1999. It raised $20 million until the merger from Eurofund LP, Technorov Holdings Ltd., CE Unterberg Towbin, Tamar Technology Partners LP, and ABS Ventures.
Zango declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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