Serial entrepreneur and angel investor Lyndon Wood has acquired 75% of business social networking site Ecademy, in a deal worth up to £1.5m.
Founded in 1998 by husband and wife entrepreneurs Thomas and Penny Power, Ecademy was one of the world’s first social networks for businesses.
Yet the company has recently been dogged by reports that it was struggling to adapt to the new world of social media and was reportedly sold for £1 to Triumphant Events’ founder Daniel Priestley and serial entrepreneur Jeremy Harbour after a turbulent time last year.
The most recent deal sees co-founder Thomas Power take the role of CEO, while the minority share of 25% is held by his wife’s social media advice firm, Penny Power Ltd.
In a message to users on the Ecademy website Power thanked Daniel Priestley, Jeremy Harbour and Marcus Ubl for performing the role of ‘lifesaver’ from September 2011.
He added: “Thank you all in this place for the support, love and belief you have given Ecademy during its darkest hour. Brighter days are here and plenty more to come for us all to benefit from each other.”
Wood, who started Moorhouse Group 22 years ago and grew it to become one of the top 100 independent brokers in the UK before setting up a series of other specialist insurance ventures, commented: “We now have a significant development budget and a great vision which we will use to make Ecademy the best and most useful business social community in the world.”