Updated June 29, 2018 12:20:47 A technology company that was once synonymous with the rise of the internet is shutting down.
SiliconValley, the digital agency that helped develop Facebook, Apple and other popular social media companies, is going to a new company, Wunderlist.
It’s the second major software company to shutter in a week, as Facebook’s stock plunged last week as the social media giant reported second-quarter revenue that fell well short of expectations.
Silent Circle, a startup founded in 2012, announced in January that it was going to close its doors.
SiloValley said it will pay its employees $12 an hour and will begin to pay some retirees, as well as a limited number of founders.
Silolive, a software development agency, will also shut down, CEO and founder Matt Lees said in a statement.
Silomarketing firm Gartner said in its May report that the software and hardware market has experienced an 11% increase in revenue since the first quarter of 2018, and it expects the industry to be worth $13 trillion by 2025.
Silosocial, which specializes in selling social media, was founded in 2013 and raised $1.6 billion.
It was a leader in the growth of Facebook’s Messenger app.
The company’s website was updated on Monday, saying that it has been sold to the “Best Buy” and that employees will receive a $10,000 severance package.
It also said it is working on a spinoff of the business to be called “Silicon Social.”
SiliconSocial’s website said in January, “We will be spinning off from SiliconValley and creating a new social marketing agency with a focus on building the social software platform.
We will be taking on a large number of external clients in addition to our existing clients.”
SiloSocial’s Facebook page has been offline for nearly two weeks.