HeadSpin, whose founder is in prison for fraud, sold to PE firm in fire sale

Reportedly firesaled for “cents on the dollar”, probably between $20-40m, had ARR ~$20m.

Last valued at $1.1b in 2020. In total, raised $117m since 2015 inception from investors.

Ex-CEO convicted in 2024 of ”inflating revenue 4x, making false claims about its customers and creating fake invoices to cover it up.”

Archive: https://archive.ph/wip/GEEso

At least it's staying in the same vertical.

> “The CEO, COO and CTO were all let go that day. We can only speculate they got packages,” one source said. “But some employees who had been there for 9-10 years and weathered the storm through the former founder, working 15 hour days – they got nothing.”

I use whatever company I'm working at for money, full stop. No delusional loyalty or passion. It's a mutually respectful mindset, grounded in reality.