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On December 3rd, 2012, local startup YouRenew announced that they had successfully completed a deal to be acquired by Clover Wireless. In a post on the company blog, Founder and COO, Bob Casey talked about how much fun it had been to spend more than four years building the company with his team and community of supporters. “From the marketing stunts, to late nights writing code to meetings with customers across the world, this has been a wonderful journey.”
YouRenew was founded in New Haven in 2008 based on an idea Bob had while studying at Yale. He was able to develop the idea as a fellow at the Yale Entrepreneurial Institute; he now serves as a board member for YEI.
The company that developed from these beginnings now provides a comprehensive service that allows consumers to trade their mobile device for its market value. Behind the scenes, YouRenew’s business model extends beyond these individual transactions to design, implement, and manage lifecycle solutions for retail and enterprise customers.
Clover Wireless, a division of Clover Holdings Inc., is a global provider of private label trade-in, buyback and repair services offering vertically integrated customizable solutions for carriers, retailers and OEMs.
As Bob puts it in his post, “Clover is the industry leader, and in many ways Clover pioneered the take back of used assets from consumers – first with ink and toner cartridges, and now in wireless.”
YouRenew’s Future in Connecticut
The Whiteboard spoke with Bob this morning for more thoughts on the news. He mirrored the enthusiasm expressed in his post, saying that “it was a great outcome for everyone involved, we’re excited to join Clover Wireless.”
And while he wasn’t at liberty to release information on the specifics of the transaction from a financial perspective, he did shed some light on his plans for future involvement in the Connecticut ecosystem.
“Clover has committed to continuing to invest in New Haven, which is great news. A couple of months ago, we moved to a great space on Church Street from our prior offices at Science Park. This has been a great move, and we look forward to continuing to grow in the heart of New Haven.”
Stay tuned to hear updates about the acquisition and YouRenew as they become available.