SUMMARY
CloudMagic’s email app was shut down in September
Nadhani had sold earlier venture Webyog in April
Terms of the deal are undisclosed
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Months after shutting down its paid-subscription email app Newton, Rohit Nadhani’s email startup CloudMagic has been bought by Android creator Andy Rubin’s consumer electronics startup, Essential Products, for an undisclosed amount.
An Essential Products spokesperson reportedly confirmed the CloudMagic acquisition but declined to share further details. The company said: “We are always on the lookout for companies with great technology and talent to help accelerate our product roadmap.”
Rohit Nadhani had sold off his earlier venture –Webyog– to Texas-based Idera in an all-cash deal in April. After that, in August, Nadhani announced in a blog post that CloudMagic’s paid subscription-based email app, Newton, will be shut down on September 25, 2018.
Nadhani, who launched Newton in September 2016, said at that time: “We explored various business models but couldn’t successfully figure out profitability and growth over the long term.”
CloudMagic, which was incubated in Webyog and spun off as a separate company in 2013, builds productivity apps that are equipped with searching capabilities, cross-platform abilities and integrated user interface. CloudMagic was entirely bootstrapped, with all product development, design and marketing activities done out of Bengaluru.
[The development was reported by Livemint.]
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