Great Bridge ceases operationsSep 06, 2001, 19:16 (23 Talkback[s])
From CNET's account:
"In retrospect, it would have been a good idea to sell the company to Red Hat, Batten said. Red Hat this spring offered a "modest price, but it would have been better to have sold the company for something rather than nothing," Batten said.Complete Story
Press Release -- NORFOLK, Va., September 6, 2001 -- Great Bridge LLC, the company that pioneered commercial distribution and support of the PostgreSQL open source database, announced today that it has ceased business operations. Great Bridge, founded in May 2000 by Norfolk, Virginia-based media conglomerate Landmark Communications, Inc., initiated a search for additional investors or an acquirer in July of this year. This search did not generate a qualified investor or acquirer, and Great Bridge's board decided to close the business.
During its 16 months of operations, Great Bridge recorded an impressive list of accomplishments, including assembling the industry's deepest talent pool of PostgreSQL expertise; releasing the first-ever commercially distributed version of PostgreSQL; recording more than 19,000 downloads of its Great Bridge PostgreSQL software and 40,000 downloads of its Great Bridge PostgreSQL documentation; launching www.greatbridge.org , a development community which hosted more the 100 PostgreSQL-related projects; and being named to FORTUNE magazine's '25 Coolest Global Companies.' The company was not able, however, to turn this momentum into revenues that met its business plan milestones.
"We remain convinced that open source solutions, and in particular the PostgreSQL database, present compelling and viable alternatives for business computing," said Frank Batten Jr., chairman of Landmark Communications and founder of Great Bridge. "The board was not convinced that, given the current economic climate, the company could generate revenues at a level to meet the required expenses of the business within the company's funding horizon."
Great Bridge will retain a limited number of employees to manage its closure.