I am surprsied that I did not catch this one sooner (guess I should start reading Greg Galitzine’s blog with increased frequency). It lookes like IP PBX systems vendor Zultys has ceased operations and let go of most of the company’s 200+ employees. According to Zultys founder and CEO, Ian Miles, the company has simple ran out of money and can not find additional funding at this time.
This is unfortunate news. Prior to this, Zultys was a highly touted IP PBX systems vendor, with a top notch product line. It is difficult to imagine,Ã‚Â VC’s not wanting to fund a company with as much media and press coverage (they were featured almost monthly in magazines such as Business 2.0, Inc., and Entrepreneur) in addition to the all of the industry awards they have won. I guess this is an example of live by the VC, die by the VC?
Could we be seeing the beginning of a VoIP industry bubble burst?