UPDATE: Akimbo Skeleton Crew Looking for a Buyer

As we confirmed earlier this morning, Akimbo has laid off most of its staff and closed operations. We’ve now learned the company is maintaining a skeleton crew to keep the services up and running as it looks to find a buyer.

I spoke this morning with Akimbo CFO Peter Chantel, who provided more details on the shutdown. “The board has decided that it would be better for the company to look for an M&A partner for Akimbo and Akimbo services and solutions,” he told me.

The company had raised $4 million earlier this year from existing investors, but Chantel said the company was looking to raise $8 to 10 million to become cash positive with its new white-label strategy. Unforuntaely, “there wasn’t enough runway to execute the plan,” he said.

CEO Thomas Frank resigned after what we heard were big problems that erupted between him and the board. Chantel is the only executive left at the company, though he declined to specify how many other staff remain.

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Confirmed: Akimbo Closed for Good

VentureBeat is reporting that Akimbo is shutting its doors for good. We have contacted the company for confirmation and will update as soon as we have any further information.

Update: We received confirmation that Akimbo has indeed shut down. We’re following up to get more details and will post them as we learn more.

Update 2: We spoke with Akimbo CFO Peter Chantel and got the full scoop on the company being shut down as it looks for a buyer.

As we’ve written before, Akimbo has always struggled to find its place in the modern video landscape, trying numerous business models and burning through even more cash. In its journey from hardware maker to content services provider to its latest incarnation as a white-label video provider, the company has gone through $47 million since 1999, raising its latest round of $4 million just a few months ago.

Akimbo brought on Thomas Frank as CEO a little over a year ago to turn it around and hired Phil Sakakihara as its new CTO in March.

There were more pressing signs of trouble recently as the company laid off 10 people earlier this month.

Updated: Akimbo Layoffs

Rumors hit the web yesterday that Akimbo laid off nearly all of its staff, save for the executives. A spokesperson for the company has confirmed that there were layoffs, but could not provide specific numbers. The rep did say that the layoffs were focused on legacy aspects of the business like content aggregation, and that currently, additional dismissals weren’t expected to be made.

UPDATE: Akimbo laid off approximately 10 people from content operations, QA engineering and admin. We’re also told that the CTO has brought in a new team, so a few folks have been hired over the last couple of weeks and the staff headcount is now at 20 people. The layoffs were said to be reflective of the company’s shift in focus.

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