Today it’s a sad day for the world of the information technology websites, a very well known name on the scene, GigaOM, just announced that it is shutting down due to economic problems.
The apparently unexpected news was disclosed today on the website as a statement on the company, the GigaOM management reported that it can not pay its creditors and nevertheless, GigaOM will not be declared bankrupt and for now the page is ongoing, showing its news as usual until yesterday’s GigaOM statement, but its closure is only a matter of time.
GigaOM management also used the message to thank all of its investors and readers.
GigaOM was founded in 2006 by Om Malik and besides offering news and analysis on emerging technology, the company also manifested in the real world organizing public events such as GigaOM Structure. The website had more than 6 million monthly unique readers and it was one of the independent voice on emerging technologies covering cloud, mobile, cleantech, consumer web and media.
It is quite distressing having to write about GigaOM history using a past tense because of our respect for Om Malik’s work and all of his team, such a talented group of professionals like Barbara Darrow, Derrick Harris, etc.
Malik, founder and serior writer for GigaOM moved to NYC back in 1993 to be a writer for India Abroad and Forbes, he then left Forbes.com and moved to San Francisco, California to write for Business 2.0 magazine. In 2001 he started its blog GigaOM immediately becoming one of the most influential blogs according to CNet and by 2006 he started dedicating his work completely to GigaOM. About a year ago, in February 2014 he announced to have joined True Ventures partners and that he had decided not to be a contributing writer anymore, but remaining on GigaOM’s board, also headlining GigaOM events.
At the same time when Malik joined True Ventures, only one year ago, he stated on the website that GigaOM also raised $8 million fundings from Shea Ventures, together with True Ventures, Alloy Ventures and Reed Elsevier Ventures.
GigaOM used to produce six events annually, GigaOm RoadMap, paidContent Live, Mobilize and the main event: Structure.
Last Structure event is scheduled to be held in San Francisco at the Mission Bay Conference Centre, next June 17-18. It is still unknown if the event will be cancelled or still goes on.
This is the original announcement from the Webpage:
A brief note on our company
Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.
— Gigaom management
For now the site is online, but we do not know what is going on next.
From .infonews team we wish all of our colleagues good luck in their new projects.