Zoho Corp., a closely held online hotel-goods provider, is seeking a buyer because it is running out of funds and a promised investment in the firm has fallen through, said Chris Hjelm, Zoho's president and chief executive officer.
Zoho Corp., a closely held online hotel-goods provider, is seeking a buyer because it is running out of funds and a promised investment in the firm has fallen through, said Chris Hjelm, Zoho's president and chief executive officer.
The Sunnyvale, Calif., Internet concern has notified customers that it will stop processing orders for hotel goods at the end of May, unless a buyer emerges, the executive said in an interview. The company is down to about 25 employees, from a one-time high of about 200.
Mr. Hjelm said Zoho is in talks with several potential buyers, including Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., PurchasePro.com Inc. in Las Vegas, and Avendra LLC, an affiliate of Marriott International Inc. operating from its Bethesda, Md., headquarters.
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By Christina Binkley
Staff Reporter of The Wall Street Journal
ORGANIZATION
Zoho (Zoho ceased operations in June 2001)
http://www.zoho.com
USA
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