I’m not usually one to cover breaking news, but this demands it. Not so much because Boulder-based SocialThing is a great company or that they are a particularly good example of a great company acquired by an even greater company. Frankly, it’s neither. But it deserves a huge congratulations nonetheless.
TechStars, a YCombinator-style early incubation investment co-op(?), has a major exit by being acquired by AOL. Hats off to SocialThing and the young entrepreneurs behind it for making a very quick exit in a difficult market.
SocialThing is a lifestreaming service, much like the more popular FriendFeed. It was launched in March of this year making it all of four months old. It is so new it is still in private beta (we have an account) and doesn’t support Internet Explorer!
AOL, on the other hand, is a company desparate for relevancy. They continue to downsize announcing even more layoffs and consolidations of their business last month. Most of the business has been consolidated to Ad sales and retired to the hallowed halls of Madison Ave, though their former Dulles, VA HQ still boasts some performing products (AIM, Meebo, etc).
The feel good story here is that founders Matt Galligan and Ben Brightwell have just grown up very fast. They are no longer relegated to incubator company founders that might never make it. They have created a succcess story with an early stage exit that now makes them veterans in this space. Veterans being entrepreneurs with a successful exit (my definition, loose as it might be).
So congratulations to AOL and more importantly, the SocialThing team. Good to be grown up now.