High flier Metreo hits wall?
The assets of Metreo
, a Palo Alto software firm that still crows on its home page that it is the No. 3 rising star in Silicon Valley, have been put up for sale by a creditor after the company failed to repay a loan, according to the San Francisco Business Times
The software start-up aims to help companies maximize profits, by offering software embedded with a mathematical algorithm to let them make the right decisions on setting sales prices. The company raised nearly $40 million in venture capital, including from Sequoia and Redpoint. We have not independently confirmed this, but the Business Times seems to have done its reporting.
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As someone familiar with the company from its early days, I am not surprised. Hype was way ahead of reality over there...
It's bad for the hard-working employees at Metreo, but the founders (especially the CEO) deserve all of this. They're too greedy and treated their employee too badly.
Yes, it's true. They lied their way to the top and then bottomed out. Part of teh problem is Silicon Valley--the lying press releases, the stupid stories. For example, as a private company their numbers could not be checked. That's why everyone in Silicon Valley can be a 'leader' and 'number one.' Only Metreo went extra-public with those lies.
Having been there very early on as well. No big surprise! The CEO treated people like crap! They never had a "real" product and the VP of Sales didn't know how to win busines.
What goes around comes around. They were the masters of spin. When you lie to your customers and employees you get what you deserve. There were some hard working and decent people at Metreo but the leadership team (especially CEO & VP Sales) were too greedy and lacked a moral compass.
I heard it was a high 6 figure deal! (For a company that raised $40Million - that is ugly) Romesh is always getting fantastic deals (both up and down)!
symphony and metreo are a great combination. the deal was definately in the 7 figures. symphony is not the SOLE viable player in this space. watch out!
metreo customers are thrilled, prospects realize that $1.2B company is in a different league than any other player. watch out z and v! let the games begin! spin and spend all your money...
yes. metreo customers are thrilled with this union, prospects and customers all realize that $1.2B company is in a different league than any other player. watch out z and v! let the games begin! spin and spend all your money chasing them...