Parlement Technologies has officially announced the completed sale of the free speech social media platform, Parler, to Starboard.
“I’m very pleased that we have found a home for the Parler brand in Starboard, a brand we know well and have worked with in the past,” said Parlement CEO George Farmer.
“The Parler asset remains one of the most recognized brands in the alternative social media space, but this sector is no longer our focus area as we continue to grow and accelerate acquisition plans in the Managed Cloud and Security space. This transaction closes a long and internationally renowned chapter on the legacy social media business for Parlement and we look forward to being an exclusive full IT services company helping serve our customers across the United States and overseas,” said Farmer, who announced that he will be stepping down from that role in the near future.
“I was brought in to Parler, now Parlement, to restructure a bankrupt de–platformed social media company that had no money in its bank account with seven-figure monthly liabilities, and with that sale process now complete I can safely leave the business knowing it is on the right course,” he said. “During my time at the Company, I’m happy to say we restructured the entire Company in incredibly challenging market conditions, raised over $43m in oversubscribed financing rounds, executed a successful business pivot into Private Cloud hosting, and restored the company to cashflow positivity from effective bankruptcy.”
“The future of this business will be far less eventful than its past and that steady state growth and profitability can be managed by a fresh set of hands,” Farmer concluded. “I will continue to work with the Board of Parlement to manage the transition process and look forward to concluding my time at Parlement prior to the end of Q2.”
Filling the CEO role in the future is Igor Shalkevich, the current Chief Development Officer.
The sale frees up Parlement Technologies to continue expanding its growth in the fields of Cloud and IT business services and puts Parler in the trusted hands of Starboard CEO Ryan Coyne.
“Parler’s large user base and additional strategic assets represent an enormous opportunity for Starboard to continue to build aggressively in our media and publishing business. The team at Parler has built an exceptional audience and we look forward to integrating that audience across all of our existing platforms,” Coyne said.
Starboard, which also owns American Wire and BizPac Review, is a digital media company that was named the 13th fastest-growing company in the USA on the INC 5000, and the fastest-growing in advertising & media in 2021. Both brands have successfully worked together in the past, and are excited for this new chapter in their future.
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Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to write. Marlee also contributes to BizPac Review.
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