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ShareMendocino's Mum on Rumored Closure
Posted by Mary Jander on February 8, 2008
Time may be running out for once-promising CDP supplier Mendocino Software.
Sources at the company, including CEO Kathleen Holmgren, a former Sun storage exec who joined Mendocino in November 2007, did not respond to requests for comment at press time. But rumor has it the doors are all but closed and the assets are up for sale in the wake of a failure to raise more VC funding.
"They didn't get their money. The employees who haven't left already are leaving next week," said one industry source outside the company, who spoke on condition of anonymity. Mendocino has already sought help in selling its assets from a California consulting firm that specializes in technology "fire sales," the source said.
Since its founding in 2003, Mendocino has garnered $33 million in two funding rounds. Investors include Accel Partners, Advent International, Foundation Capital, and Mayfield. Requests for comment from various investor sources also went unanswered at press time.
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