Publicare (owners of www.webconferencing-test.com) just put out a press release today saying that they had removed web conferencing provider Yugma from their vendor list because the company was being shut down.
Publicare quotes a letter from Yugma CEO and founder Lingaraj Mishra dated June 2. The letter says that the company’s board of directors decided to wind down the business affairs of the company.
This surprised me, and I called Lingaraj at Yugma’s offices. He says he is going crazy answering phone calls and dealing with the false story of the demise of the company. Mishra says that while there were definitely financial difficulties and management discussions of how to handle operations, the company and the product are both ongoing concerns. He wouldn’t go into details of the internal situation (Yugma is a privately held company and does not have to expose financial or operational data), but made reference to the fact that the board had brought in an interim CEO who was there for one year, leaving in April of this year. Mishra is back in charge now and is working on stabilizing financing and ownership concerns.
Mishra points to the fact that the company just put out a new release 15 days ago and has another release slated for the very near future (possibly as early as next week). He says they certainly would not be spending money on development and support of new releases if they were shutting down.
So it’s a strange story indeed, but I would advise against putting any nails in this particular coffin until we see more developments and see a public announcement from the company.
ADDENDUM (June 18): An anonymous emailer sent me a JPG of the notice that was sent and referenced in Publicare's press release. Click on the thumbnail to see an expanded version.