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|11th October 2012, 12:24||#1|
Join Date: May 2002
OnLive's video gaming tech was sold for less than $5m
Cloud video gaming service OnLive was sold to a venture capital group for just $4.8m (£3m), it has emerged.
The sale - which also involved many of the company's workers losing their jobs, and investors writing off their stakes - took place in August.
Analysts had previously discussed the business being worth as much as $1.8bn. Its rival, Gaikai, was sold to Sony for $380m in July.
Creditors were told efforts to secure a higher price might have backfired.
OnLive's founder, Steve Perlman, left the firm shortly after the deal. However, Lauder Partners continues to offer the service in the US, UK and Belgium.
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