AOL's PATCH gutted, to be reconfigured by Hale Global
Hale Global has a LOT of work to do with Patch AOL sold a majority stake in its 900 PATCH news outlets to Hale Global on January 15, 2014, while retained a minority stake.
Since the 2009 AOL acquisition of Patch it failed to make money and estimates of AOL costs range between 200 to 300 million. The terminated employees will get their yearly Aol bonuses, a payout for accrued vacation time and two months’ severance pay. By taking the severance package, they agree not to sue Aol. Hale Global is an investment holding company with a 13-year track record as a buyer of underperforming divestitures from corporate parents.
The firm has extensive in-house software and development teams, using turnaround skills predicated upon product innovation.