Social networking solution and IP sold to iJoomla for undisclosed sum
Slashes & Dots to explore other areas for new business opportunities
MALAYSIAN web software development firm Slashes & Dots Sdn Bhd has sold its JomSocial solution to US-based Joomla app development company, iJoomla.
In an interview with Digital News Asia, Slashes & Dots chief executive officer Azrul Rahim (pic), said the sale encompasses the project in its entirety along with accompanying intellectual property.
JomSocial is a social networking solution released in 2007 for websites running the Joomla content management system, and is used by over 160,000 websites around the world. Azrul declined to reveal how much it was sold for, but said: “The exact amount is confidential, but I walk away with an amount that is enough to take care of my family.”
“I never really thought about selling at first. I love the work and the people I work with,” he added.
Azrul said that the decision to sell was not an easy one, however the arrival of his first child and resulting dramatic change to his work schedule "necessitated a recalibration." He built a list of potential buyers and approached iJoomla towards the end of last year.
“I've known the founder for a while and was confident they can take care of the project. The whole process doesn't take too long because we were very transparent from the start and I didn't try to hide anything,” he said.
The deal was closed just before the start of 2013 and most of the staff currently working on the JomSocial Project will be joining the iJoomla team to continue their work.
“I will be serving purely as a technical advisor for another month to assist with the technology transfer, after which a new lead developer will take over my role,” said Azrul.
He added that Slashes & Dots, whose portfolio includes enterprise social platform Offiria and other extensions for Joomla such as JomComment, MyBlog and NiceTalk, would stay as it is and will be exploring other areas for business opportunities.
“At the moment, I am enjoying my time with my daughter, but I'm already putting a plan in motion. I am also exploring other opportunities particularly within my areas of interest -- education and technology,” he said.
With the sale of JomSocial now done and dusted, Azrul has a piece of advice for fellow entrepreneurs: “Think hard about your exit. I never really did. It was mostly a lifestyle business for me but with hindsight, when it is time for you to move on -- and the time will certainly come one day -- you'll be able to get a much better value for your hard work.”
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