BIG DATA
BIG DATA
BIG DATA
MapR extends deadline to raise money for continued operations
MapR Technologies Inc. has extended its deadline to July 3 to secure new funding or find a buyer.
The company had previously said it would “cease operations and close the Santa Clara headquarters” by June 14 if it couldn’t raise funds.
In a statement today, MapR said it “continues to work diligently on a strategic transaction for continued operations” and that it is “continuing to engage customers in new opportunities and supporting existing customers and partners globally” in the meantime.
It had previously said it was in negotiations with two potential investors. The company reported the extension under California’s Worker Adjustment and Retraining Notification laws, which requires businesses to give affected employees and government agencies notice in advance of a plant closing or mass layoff.
MapR dropped a bombshell two weeks ago when it announced that it may cut up to 122 jobs and shut down its Santa Clara, California headquarters after recording “extremely poor results” in the most recently completed fiscal quarter.
The company is one of three onetime high-flyers in the big data market that have fallen on hard times amid the challenges of commercializing open-source platforms and customer migration to the cloud. Competitors Cloudera Inc. and Hortonworks Inc. merged last October, but the fortunes of the combined companies have continued to spiral downward.
Cloudera missed its revenue target in the most recent quarter, drastically lowered its full-year forecast and said its CEO will retire at the end of next month. Its stock closed at an all-time low of $5.22 yesterday, down more than 75% from its peak two years ago.
Image: MapR
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