Now it looks like a sale won't happen - not for quite a while anyway. According to the Digg Blog, the company just closed a round of $28.7 million round in funding, led by Highland Capital Partners. Taking a round that big takes most M&A options completely off the table.
It's now up to Digg to build a business on their own. They've got a huge audience and a good ad partner in Microsoft - so it seems like there well on their way. According to the Digg blog, the new cash will be used for "investments in infrastructure, new feature development, international expansion and hiring all the people we need to get there."
Exciting times over there. With that, I couldn't resist the temptation to break out the Hyman Roth analogy one more time and stretch it to its farthest possible limits. So, let's go back to Godfather II and listen to the wise words of Roth's right hand man Johnny Ola. Speaking of the reason for Roths longevity and success, Ola explained:
Hyman Roth always makes money for his partners. One by one, our old friends are gone.....Hyman Roth is the only one left -- because he always made money for his partners.
Sounds like a good formula. I'm sure Highland Capital Partners and others agree. In the meantime, congrats to the Digg team on the recent success. Looking forward to seeing where they take things.