NetPerceptions Reaching End of the Road
The once high-flying Internet software company appears to have gone the way of many of the dotcoms it once sold its software to.NetPerceptions Inc., a once high-flying Internet software company that led the Web personalization craze of the late 1990s, appears to have gone the way of many of the dot-coms it once sold its software to. The Minneapolis-based company announced a cash payout of $1.50 per share to its existing stockholders, while laying off 12 of its remaining 22 employees, including President and CEO Donald Peterson. In a statement, company officials said the move was made to settle its existing obligations and liabilities, while it explores asset dispositions, including dissolution and liquidation. The company has been actively seeking a buyer since February.
NetPerceptions pioneered a Web personalization technology called collaborative filtering, which presents marketing offers and content to Web site visitors based on buying behavior of other customers determined to be like-minded to them.