Advertising firm Infillion acquired location-data platform Foursquare last month.
Co-founder Dennis Crowley shared insights on the sale's financial outcome and leadership transition.
Disappointment over the agreement and the workers
In a post, Crowley said that neither preferred stockholders nor common stockholders received any value from the deal. He expressed regret and apologized to the approximately 1.600 people who worked at the company during its 17 years of operation.
As he noted, Foursquare had raised a total of over $411 million in funding. In fact, after its shift to services for other businesses, the company was doing well and achieved consecutive years of revenue exceeding $100 million before finally shutting down its app in 2024.
The change in management and the causes of the end
Crowley attributed the final development to the management change in 2021. At that time, after the company secured financing from investment capital in 2019, the banker who had handled that financing took over as CEO.
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In his assessment, the new leadership failed to maintain existing value nor create new ones for the business.
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