Infillion acquired location-data platform Foursquare last month for an undisclosed sum. Dennis Crowley, co-founder and former CEO of Foursquare, stated in a blog post that equity holders, including preferred and common stockholders, received no returns from the transaction.
Crowley expressed disappointment regarding the outcome, noting that the company had previously achieved consecutive years of revenue exceeding $100 million after shifting its focus to enterprise business. According to PitchBook data, Foursquare had raised over $411 million in total funding before the acquisition.
The former CEO attributed the result to leadership changes following a 2019 capital raise from a private equity firm. In 2021, the company appointed the banker who led that investment round as CEO. Crowley stated that this management transition failed to preserve or generate additional value for the business.
Foursquare, which originated as a social network, eventually discontinued its consumer application in 2024. Over its 17-year history, the company employed approximately 1600 people.
