Qpass sold for $275 million. Amdocs pays cash for VC-backed company that saw tough times

Just four years ago, Qpass was gasping for life, with creditors knocking on the door and a depleted staff wondering if it would be the next to join the dot-com scrap heap. The Seattle company’s business model was in tatters, and its valuation stood at a measly $3.5 million — well below the $85 million it had raised in venture capital financing.

What unfolded in recent months, though, was a sharp contrast, as multiple suitors lined up to buy the fast-growing mobile billing and digital content distributor, creating a bidding war that ended Tuesday with Qpass agreeing to be sold for $275 million in cash to St. Louis-based Amdocs. It is the third-largest acquisition of a privately held, venture-backed technology company in the state.

By JOHN COOK
P-I REPORTER

Full Story: http://seattlepi.nwsource.com/business/267176_qpass19.html