On the verge of being acquired by Apple, the augmented reality startup Leap Motion was celebrating. As Apple already started its talk with the HR department of the company to review the benefits of the company and sent out offer letters with its silver logo signature which made employees burst out in happiness.
Just when the deal was expected to get close, the offer fell down mysteriously, as described according to one of the insiders “The result of swirling negatives surrounding the company, the blame for which many casts on the startup’s youthful co-founders, Michael Buckwald, and David Holz”.
This was the second time in less than five years when Apple paved an offer for acquisition of Leap Motion, that’s how Apple was very much familiar with this eccentric behavior of Leap Motion’s founding duo. – Some familiar people
The first time when Apple expressed the interest in buying the startup back in the year 2013 which is five years back, when they met the cofounders of the company, according to some people the meeting did not go well, “when Holz the CTO and brilliant technical brain behind Leap Motion, also said that he had no interest in joining Apple’s team. Not only did Holz seem disinterested in Apple’s prospective offer to acquire its team and intellectual property, but he was insulting them and told the representatives of Apple that the company was no longer innovative, that it’s technology sucked and to the disbelief of many went on to praise the virtues of Android” and “ That’s why the Apple thing didn’t work out. David was like, ‘I’m never going to go work for those guys, they’re the devil”, said an employee who worked for Leap Motion that time.
Leap Motion is frequently solicited for acquisition by larger technology companies who realize the value of our team and the crucial role of our technology and research to the future of computing. – Leap Motion spokesperson
The year 2013 was the year when Leap Motion was cracking some amazing deals which were on their peak, they announced Series B funding of a $30 million from top-tier firms including the Highland Capital Partners and Founders Fund and also garnered a million views of people interestingly seeing and playing Fruit Ninja.
Co-founders of Leap Motion were listed in Forbes 30 under 30 at the age of 25 alongside some tech luminaries like Tracy Chou, Patrick Collison, and Evan Spiegel.
People close to the company said that “the issues afflicting Leap Motion are a case of poor management: Much of the company’s venture capital was spent on sleek office space in San Francisco’s pricey SoMa neighborhood, complete with tech industry perks including beanbag chairs and daily lunches, and costly engineering salaries”.
Though it is still not very clear why the purchase was declined by Apple which was supposed to take place earlier this year. One thing is clear that the founders found that the company was more valuable than the offer given to them.
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