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American Startup Omni In Acqui-Hire Discussions With Coinbase

San Francisco-based on-demand physical storage and rental products delivering startup, Omni, has been dealing with layoffs from earlier this week, two sources acquainted with the matter informed TechCrunch. Omni just laid off seven employees from the operations team. The company is in discussions about shifting its engineering crew to Coinbase, even though Thumbtack is already interested in acquiring the team.

Omni was unable to manage the business efficiently, as the revenue generated by the company was not enough to attain the business. The startup had built a business plan, in which it would let brick-and-mortar dealers operate and commercialize their rental businesses. Despite sufficient financial support after grabbing $25 Million in a funding round led by a renowned cryptocurrency firm Ripple in 2018, Omni was tensed if the new business would flop too.

Omni’s on-demand storage business provides pickup, storage of the customers’ stuff in warehouses, and returning the stuff on-demand. The business became famous in San Francisco and begun expanding to other cities. In April, Omni launched an earning opportunity for users as well by leasing out their stored stuff to other Omni clients. However, a month later, the startup started peddling its on-demand storage business to its rival Clutter, and the business shift was quite unsteady.

On a similar note, Group Nine—New York-based digital media holding company established by the merger of NowThis, Thrillist, Seeker, and The Dodo—revealed this week that it has strike a deal to procure women’s lifestyle publishing company PopSugar.

Neither of the companies disclosed the financial conditions of the deal. On the other hand, The Wall Street Journal has reported that it would be an all-stock transaction, in which Group Nine has to purchase all shares of PopSugar worth more than $300 Million.

Earlier this year, a few reports claimed that Group Nine was in discussions to purchaseRefinery29, a different women’s lifestyle publisher that was eventually procured by Vice Media instead.

James Gonzalez
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EDITOR-IN-CHIEF At The Industry Research 24

James Gonzalez is a proficient individual working in the field of writing from more than 7 years. Earlier, he was working as a Business Analyst. However, his interest in guiding people on the latest business trends pushed him into the writing field. He loves to write news on diverse topics including market shares. At present, he heads The Industry Research 24’s Business Department and carries out all the administrative as well as editorial activities skillfully. All this is possible just due to his interpersonal skills and cooperative nature along with his strong team management skills. He holds the excellent ability to handle multiple projects at a time.

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