Lehi-based Verb Technology Co., a marketer of video sales applications, has sold its direct-sales business assets to software private equity fund Scaleworks of San Antonio, Texas. The company said it is making the move in order to concentrate entirely on its livestream social shopping platform, market.live.
“This is a pivotal moment in the continued evolution of Verb,” said Rory J. Cutaia, chairman and CEO of Verb. “What this means for Team Verb moving forward is that we have a much leaner organization, a smaller team of accomplished professionals, laser-focused on market.live, our livestream shopping business, together with the resources needed to implement and execute the growth initiatives that for the most part have been put on hold over the past six months. Through this transaction, we have placed our direct sales and life sciences business assets, and more importantly, our clients, in the capable hands of Scaleworks, whose expertise is growing B2B software businesses.”
Cutaia said Verb’s entire SaaS team, employees and contractors — 74 people in total — have been retained by Scaleworks to carry the direct-sales business forward.
Terms of the transaction were not disclosed.