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You’re reading it here first: Zinio, the electronic/digital editions software firm, has been sold to Gilvest, a private equity firm, paidContent.org has learned. An official announcement should come tomorrow. Gilvest is owned and run by entrepreneur David Gilmour and managed by Doug Carlson. Richard Maggiotto, the current CEO of Zinio, is expected to remain on board.
This is a strange exit for Zinio, which has along with other vendors in this space struggled as consumer adoption has been minimal, at best. The company has been around for a long time (founded in March 200), and has changed multiple CEOs. It had investment in the past from Enterprise Associates, North Bridge Venture Partners, Intel (NSDQ: INTC) Capital, Odyssey Capital, Parker Price Venture Capital, Apax, and Palisades Ventures. The company recently disposed off its e-commerce website BlueDlophin.
Gilmour’s media credentials are very recent: Last year, Gilmour founded VIV Publishing, which publishes digital health-lifestyle publication for women called VIV Magazine. Prior to that he was the founder and chairman of Fiji Water, which he sold in 2004. Gilmour also was co-founder of the South Pacific Hotel Corporation, Barrick Gold, and Horsham Corporation, which was to become TrizecHahn.
— Zinio Sells Off Magazine E-Commerce Website BlueDolphin To M2M
— Zinio Buys Out Online Magazine Retailer; Gets $7 Million Funding; Launches Global Retail Site
Disclaimer: Alan Patricof, our investor through his new fund Greycroft Partners, has in the past been on the board of Zinio…his previous firm Apax was an investor in Zinio.