Feeds

What's really going on at Zy.com

It's a pity

  • alert
  • submit to reddit

Security and trust: The backbone of doing business over the internet

On Friday we tried to find out what on earth was happening Zy.com. An ad had appeared in the FT saying it was in the hands of administrators and the site was up for sale. Five hours and about 15 phone calls later we were none the wiser as no one would talk. We pointed this out in an article.

Well, it's Monday and sure enough we get a phone call from Zy.com co-founder Nova Fisher and also from the administrators RSM Robson Rhodes. We believe Nova when she says she never got a message that we had called and actually was in a meeting, we're not sure we believe the administrators when they say the same thing.

However, that's by the bye. Yes, Zy.com has run out of money. And the reason is because a load of investors pulled out of the last minute, quoting "market conditions". Nova assures us that a second round of funding was all go (the first was for £5 million almost exactly a year ago). The same investors as previously (including some big boys, it would seem) said they would stump up more cash and even told the bank so. Then, in an instant, they changed their minds and Zy.com was left teetering on a cliff. Robson Rhodes corroborates that the announcement was unexpected and the first it knew about it was late on the Friday before Christmas.

Zy.com is a great site and does 14 million hits a month. It allows people to design Web sites online using some nice technology, which it calls modules. It was running at a £200,000 per month loss, mostly due to software development.

Nova says that fortunately they managed to save one aspect of the site - Zymodules - sold for an undisclosed figure to Xira.com, which is privately owned by the other co-founder's sister. But Zy.com is gone and up for sale to the highest bidder. Robson Rhodes reckons it has a hot property on its hands and we're tempted to agree - it will continue running the site until it is bought. The money will go to creditors, with a flat fee to Robson Rhodes.

Meanwhile, Nova and Charles Moir will continue to work for Zymodules. The ISP wholly owned by Nova, ZyNet ltd, which owns a load of other Zy-based URLs is unaffected and legally entirely separate from Zy.com, however Nova did admit to being "very sad" that Zy.com had disappeared so quickly. "I'm still not over it," she told us. ®

Related Story

Zy.com up for sale

New hybrid storage solutions

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.