MapR Technologies Inc. missed a self-imposed July 3 deadline to secure new funding or find a buyer, but said it’s continuing discussions with a potential funding source that could keep the big-data company in business. “MapR is making meaningful progress toward a strategic transaction,” David H. Greenberg, vice president or legal at MapR, said in a prepared statement. “Due to the sensitivity of the discussions, we cannot provide more details at this time.” Any transaction is unlikely to be completed until after the July 4 holiday in the U.S.
Two weeks ago, the company said it had signed a letter of intent with a potential acquirer that is “currently in the due diligence of the company’s business,” Cindy Arthur, MapR vice president of human resources, wrote in the letter to the California Employment Development Department. The company earlier had said that it would have to lay off 122 employees and close its Santa Clara, California headquarters if an investor wasn’t found.
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