MatchNet, the parent company of much beloved Jewish online dating service, JDate, has withdrawn its planned and ill conceived NASDAQ IPO a mere 6 days after announcing it. “The company cited a faltering market for Internet-related IPOs and said it would reconsider a U.S. offering next year if market conditions improved.” What, you didn’t know that 6 days ago?
Along with the announced cancellation of the stock offering, Todd Tappin, MatchNet’s president and CEO announced his resignation in order to pursue a “new business opportunity.” Joe Shapira, co-founder, executive chairman and Singalovsky High graduate stated “We want to sincerely thank Todd for his service to the company as CEO. He put in place a number of strategic and organizational initiatives that we believe will pay important dividends over the long term.”
MatchNet also announced that it would “focus the full weight of its organization on the core business and put in place a cost reduction initiative. As part of this effort, the company said it will eliminate about 40 full-time or temporary positions, effective immediately.”
Are they going to fire those guys that scan profiles for hidden email addresses on JDate? I sure hope so! They should also probably fire whoever it was that thought that this would be a great time to launch a $100 million IPO for a money losing, albeit pretty large, dating site. I mean the dot com meltdown happened a while ago, but it wasn’t that long ago! People can still smell a money-grab when they see it and it is no wonder that the MatchNet IPO did not generate the heady excitement they thought it would. Anyhow, now I can freely take the piss out of these guys without fear of repercussions because they’re reportedly out of cash. A reduction in their ridiculously ubiquitous banner ad program means they wouldn’t have advertised here anyway. So, uh… did I mention that MatchNet co-chairman of the board Shapira once sold porn to children (accidentally) and lists his (misspelled) high school on his online resumÃ©? Oh yeah, I already did.