With the financial crisis hitting hard on everything and firms cutting short their expenses by firing staff or shutting down businesses, Jellycloud an ad network has decided to draw oxygen out of its business.
The company had received quite a critical review at VentureBeat; which sort of ripped open its association with cloudy past (Gator/Claria controversy). It however has decided to pull the plug and has sent home its 36 employees. The assets owned by Jellycloud will be sold off to the highest bidder and the remainder of the %5.75 million recent funding it had received will be returned to investors.
The major reason is the current financial deterioration added with the presence of the already present ad networks that exceed count. Jellycloud just didn’t find the room large enough to fit itself in. With business and almost every attempt to partner with major publishers ending in failure, the Jelly cloud team thought it’d be better to draw life out of the company.
I guess it was controversy that played a major part in Jellycloud’s failure. Let’s just hope that next time the team assembles it’s for the best.
