The stratospheric valuations blessing the major social networking players have yet to rub off on AIM-listed social media SaaS pure-play, SocialGo (see SocialGo – the DIY social network). The company was moved to issue a rather anodyne market update ahead of Friday’s AGM, prompted (I assume) by a massive sell-off of its stock last Friday which knocked over 25% off its share price.
SocialGo listed on AIM in 2004 as Bright Things, a developer of a prototype interactive educational children’s toy, the Genie, “a new educational games platform aimed at the pre-school market using the functionality of a DVD player”. Obviously the business model changed between then and now – as did much of top management. Current CEO, Alex Halliday, informed that SocialGo's sales are in line with management’s expectations and that they were operating in a “dynamic and fast-evolving market”. Ne’er truer word was spoke!