The future of the pioneering Webjam social networking solution used by top media companies has been secured following the purchase by Webjam Mark 2, in collaboration with Centrepoint Computer Services, of all the underlying software and IP.
Webjam is an easy to use module based platform for building your website, intranet or social network around the people you connect with. Fully brandable and customisable, Webjam suits organisations of all shapes and sizes.
Venture Capital backed Webjam Limited, picked as a 2010 Tech Media Invest 100 company for its social networking solution, failed in November 2010 after spending over £5 million on the core technology. Business rescue specialist McTear Williams & Wood was appointed as administrator and has been working with the directors to sell the business and assets.
Commenting on the deal, Sarfraz Ahmad, CEO of Centrepoint, said: “We are delighted to be involved in bringing this innovative technology, recognised by top media and FMCG companies for its potential to provide the engagement solutions required in tomorrow’s increasingly challenging online environment, to a wider audience.”
Daniel May-Miller, Customer Care Manager at Webjam Mark 2 added: “We believe that this is going to be an ideal marriage. We are happy that we can build on a system that has already been utilised by organisations large and small and we are highly excited to see where the platform can go from here”
Chris Poulton of McTear Williams & Wood concluded: “We are pleased to have secured the future of this important social-participation platform. With the continuing uncertainty in the economy we know that many early stage companies are finding it very difficult to attract investment once their current funds are exhausted and in those circumstances it is important to take advice early before cash pressure becomes too intense. The key to success is our early involvement so that core assets can be protected and a proper process put in place to realise their full value.”