The fact that both founders with the company were done with it points to the business not going well/not being in a position to go well.
Clearly all the investor interests were very important in making this deal happen, but the root of it is that the individuals with the most investment, knowledge and leverage decided they did not want to pursue the opportunity any more, and the best deal they could scrounge together was an acqui-hire.
If the company had been cash flow positive, or on a path to that soon enough, they probably would have found a new CEO, but if they're just burning down investor cash, it makes sense to wind it down if nobody with power believes in it any more.
The fact that both founders with the company were done with it points to the business not going well/not being in a position to go well.
Clearly all the investor interests were very important in making this deal happen, but the root of it is that the individuals with the most investment, knowledge and leverage decided they did not want to pursue the opportunity any more, and the best deal they could scrounge together was an acqui-hire.
If the company had been cash flow positive, or on a path to that soon enough, they probably would have found a new CEO, but if they're just burning down investor cash, it makes sense to wind it down if nobody with power believes in it any more.