Kaboose's BubbleShare bursts

Posted by Rob Lewis

TechCrunch is reporting that Toronto-born photo sharing startup BubbleShare will be shuttered on November 15th. Users were notified via email and a notice on the BubbleShare's homepage.

BubbleShare was launched in 2005 by Albert Lai (now with Kontagent) and in 2007 was sold to family-friendly media company Kaboose Inc. for US $2.25 Million plus up to another US $750,000 based on earn-out provisions.

Last April Toronto-headquartered Kaboose (now KAB Distribution Inc.) announced that it had sold substantially all of its assets to a company controlled by funds managed by Barclays Private Equity Limited and Disney Online for a combined US $120 Million.

The closure of BubbleShare shouldn't come as much of a surprise. KAB's financial statements dated June 30, 2009 make it very clear that the recent asset sale "resulted in the Company ceasing substantially all of its operating activities" and that "the main assets of the Company are cash and tax credits receivable and the main liabilities of the Company are termination payments and professional fee accruals to wind up the Company."

KAB management estimates that a distribution of $0.65 per share will be made in the fall based on a final Canada Revenue Agency audit and the final costs to complete the wind up.

Goodbye BubbleShare.

Company:
Kaboose
Website:
http://www.kaboose.com
Location:
Toronto, Ontario, Canada

Kaboose is the largest independent family focused online media company in North America and one of the top-five most visited family destinations online. From pregnancy to parenting, birthday parties to scrapbooking and entertainment to education, Kaboose has the content and applications to help parents plan and share their family life. Kaboose owns some of the world's leading online properties targeting families,... more

Company:
Kontagent
Website:
http://www.kontagent.com
Location:
Toronto, Ontario, Canada

Kontagent is the leading enterprise user analytics platform for social and mobile application developers, marketers and producers. Kontagent tracks more than 1,000 applications, over 100 million monthly active users, and in excess of 10,000 messages every second for customers around the globe. Founded in 2007, the company is headquartered in San Francisco with additional offices in Toronto and London. For more... more

Company:
BubbleShare
Website:
http://www.bubbleshare.com
Location:
Toronto, Ontario, Canada

At BubbleShare, we know that photos are more than just static images. Every photo is a story - an adventure, a piece of solitude, a relationship, or a tall tale. BubbleShare's mission is to help you tell your story using fun Web-based tools that make your photo sharing experience easy and entertaining. Simply put: You have stories, and we want to help you tell them. If you think sharing photos is a pain, then... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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