17th November 2006
Sponge founders buy the company back from former parent
Sponge co-founders Dan Parker and Alex Meisl successfully completed their purchase of Sponge from its former custodians, NeoMedia Technologies Inc. on 15th November, due to NeoMedia's inability to fulfill all the terms of the original purchase agreement.
NeoMedia will retain a 7.5% stake in the business whilst Sponge's founder shareholders keep just over $6m of the original purchase price.
Sponge is going from strength to strength - business has doubled since the beginning of the year in both the media and agency space. The team has also grown, whilst the company remains wedded to our core beliefs of great products and great service.
The company will continue to be run by the existing management team and has exciting plans for the coming 12 months.
