|By||http://e27.cohttp://e27.sg/2013/01/25/malaysias-slashes-dots-sells-jomsocial-to-us-based-ijoomla/||| Jan 25, 2013 | Investments & Acquisitions|
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. According to Digital News Asia, the solution, along with its accompanying intellectual property, was sold before the start of 2013 at an undisclosed amount. However, CEO Azrul Rahim did mention that he “walk away with an amount that is enough” to take care of his family.
In the interview with Digital News Asia, Azrul shared that the decision to sell was not an easy one.
“I never really thought about selling at first. I love the work and the people I work with.”
The deal will also see most of the Slashes & Dots Sdn Bhd staffs currently working on the JomSocial Project joining the iJoomla team to continue their work. Azul 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 his role. 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.
Advice for fellow entrepreneurs on exit
Concluding the sale of JomSocial, Azrul advised fellow entrepreneurs to spend some thoughts on exit.
“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.”