Falcon Global Acquisitions Acquires Assets of Defunct Social Media Network
Falcon Global Acquisitions LLC (“FGA”) announced today that it has acquired the assets of defunct social media company Megahoot. The social media company raised seed capital of $1.5MM and established a networking platform that allowed users to interact both on the network and on other social media networks. Although the network has been taken offline for a period of time, at its height it had well over 6 million active users and growing, but due to unforeseen circumstances and lack of capital infusion they were forced to cease business and take the network offline in 2014. Financial details of the transaction were not disclosed
This acquisition gives FGA an entry point into the social networking arena and allows for further integration into future FGA acquisitions in technology.
“As the internet of things continues to evolve there will be a need for access to masses on a global scale, social networking gives a part of that access”, stated Louis Velazquez, Managing Partner of Falcon Global Acquisitions.
This recent strategic acquisition path is part of an ongoing effort by FGA to acquire synergistic companies to spark organic growth within their technology subsidiary and branching out across all FGA subsidiaries. Falcon Global Acquisitions will be seeking additional acquisitions in the manufacturing, technology and aviation sectors of companies that may need restructuring to bring them to profitability.
About Falcon Global Acquisitions LLC
Falcon Global Acquisitions is a private equity firm that focuses on the acquisition of underperforming assets in need of restructuring. The combined experience of the core management team of Falcon ranges from securities and international business law, domestic and international logistics, domestic and international finance, commercial real estate, mergers and acquisitions, and spans well over 100 years.
Falcon Global Acquisitions LLC also provides clients with various consulting services ranging from corporate restructuring, mergers and acquisitions and commercial real estate.
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