Two Canadian companies: Intertainment Media Inc. and Avenza Holding Inc. have acquired the assets of Poynt, the bankrupt local search company for an undisclosed amount. Avenza is a company that specializes in GIS, mapping and cartography software while Intertainment is a technology incubator.
Poynt filed for bankrupcy in July 2012. The company was listed on the Toronto stock exchange and had raised $15.5 million in April 2011.
While Poynt enjoyed a great success in terms of app downloads and usage (more than 15 million users) of its local search product its financial situation was a complete disaster. In the first quarter of 2012 its revenue was $590,000 while its operating loss was $5.8 million, including 2.1 milllion spent in salaries and consulting fees and $1 million in advertising and marketing.
The ambitions of the company (who started a joint venture in China and partnred with Times media group in India) were completely out of proportion in comparison to the limited revenue offered by its local search app.
"We are very excited to have the opportunity to acquire the Poynt platform and its assets and continue to move forward with its leadership position in the global localization arena in partnership with Avenza’s worldwide expertise in mapping and location services," said Anthony Pearlman, President and COO of Intertainment Media who has been appointed by the partners as CEO of the new enterprise.