Level3 acquires Servecast for £22m
I sold my streaming media company, Tornado, to Servecast in 2003 in a cash deal. At the time Tornado had doubled its revenues year-on-year since 1999. For a variety of reasons, we sold at what was probably the low point of the whole market.
This cash deal of £22m is based on just £2.5m revenues from Servecast. In 2003, Tornado’s turnover was about a quarter of that and I had substantial equity.
It’s been amazing to see the industry turn around and accelerate so quickly, and a pity sold when we did.
[added to list of almost-millionaire stories]