Rivet Games Calling It Quits

Exclusive: Rivet Games is currently in an asset sale and is planning to receive a letter of intent on Monday to sell it's remaining games. All of the board members including Mike Maples have already stepped down as the company is being completely wrapped up and sold to the highest bidder. The WSJ reported earlier this month that the company had abruptly shut down one of their games and made some telling LinkedIn profile changes (the profile drama!).

Rivet has raised $15 million from Baseline Ventures, Floodbank, Softbank Capital andOutpoint Capital, and others most recently completing a series B last April. They've stopped supporting their only major title Pet Tales and have been hemorrhaging users for the past month.



The CEO Jesse Janosov is the ex-VP of product at Playdom and my sources say that hejust didn't have enough resources and time to turn things around even though he joined in August of 2010. The company also has two games on the website that are 'under construction' and the assets of which have been on the block. Sad for the team which the website shows as at least 35 people but I'm sure every single developer on the team will have no problem finding a job.

Video: CEO Jesse Janosov talking about the App Store and who is making money.