The .Org Fire Sale: How it sold for less than half its valuation
- Sullivan also shared many conflicting thoughts in an interview with the Register: he thinks not many people care about the sale; public pushback has been strong; and the sale would not have happened if there had been a public discussion first.
- His presentation of the offer to the ISOC Board also highlighted a need for speed and secrecy, and details have been redacted from the board’s minutes.
- Their Board minutes suggest they may stand up a new entity, the “Connected Giving Foundation”, to invest the fund with guidance from Goldman Sachs, who financially brokered the acquisition.
- Sullivan suggested that this would return roughly the same annual revenue as they had been getting from PIR — around $50M — but without the possibility of expanding the underlying business year by year.
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