In December 2020, Sitehands filed for chapter 7 bankruptcy protection. Salvatore LaMonica, the chapter 7 trustee, hired Hilco Streambank to market the Sitehands software platform and related intellectual property assets.
The Sitehands platform was a successfully commercialized gig/task platform which was used to offer on-demand IT field services. It was fully integrated to provide effective onsite services, delivering accountability, real time updates and transparency for field service transactions, and supported hundreds of clients and more than 20,000 service providers. In 2019, the company generated $51 million in revenue.
We recognized that the platform could be used for any on-demand field service, and broadly marketed the assets to more than 170 potential buyers, more than a dozen of which executed an NDA. During the sale process, we worked with the chapter 7 trustee to preserve the software platform and related assets, ensuring that they were in a secure repository and remained intact. We also worked with the trustee to facilitate a demonstration of the platform after receiving feedback from various interested parties that a demonstration would help them to decide whether to proceed and also to determine its value.
The marketing campaign resulted in 2 qualified bids for the assets. We facilitated a virtual auction where the chapter 7 trustee solicited sealed bids from each qualified bidder. The successful bid was made by Genesis Incubator LLC for $601,999.99, more than 12 times the opening bid of $50,000. The sale closed in June 2021.