Advisory firm Hilco Streambank acquired the assets of social network Tsu, including the TSU.co domain name, the Tsu trademark, proprietary code, software and its database of registrants. The acquisition was finalized in early 2019 and comes in the wake of Evacuation Complete’s 2016 bankruptcy.
Tsu was launched in October 2014 as a fully functional, globally scalable social networking platform available via the web and its iOS/Android application. The original founders built the platform with a vision to reward its users for the content they create. Unlike other social networking sites, Tsu differentiated itself by awarding content creators with a percentage of ad revenues based on their following and content engagement using a proprietary algorithm. In the months after initial launch, Tsu became one of the fastest growing social networks, achieving 3.5 million registered users in its first 6 months of public existence and registering 4.5 million users by its first anniversary.
The Tsu assets, including its revenue sharing algorithm, are being stored in databases under Hilco Streambank’s control.
“The technology associated with the Tsu platform creates an opportunity to build on top of a high-performance backend that could save a team several years of development work and the highly brandable tsu.co domain name that has considerable clout in the social networking space,” said Jack Hazan, executive vice president of Hilco Streambank.
Hilco is currently seeking a strategic buyer or partner for the assets.
Hilco Streambank specializes in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions and online sales, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities.
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