According to a new report, OUYA, the maker of the Android-based gaming console bearing the same name, is searching for a buyer.
In a memo reportedly leaked to Fortune, OUYA CEO Julie Uhrman is looking for potential buyers to express interest by the end of April as the company seeks to repay venture debt to investment firm TriplePoint Capital. From Fortune:
It is unclear exactly how much was lent by TriplePoint, except that it must have been more than the $10 million that OUYA raised just two months ago from Alibaba. Debt restructuring negotiations were unsuccessful. In her memo, Uhrman writes: "Given our debtholder's timeline, the process will be quick. We are looking for expressions of interest by the end of this month."
OUYA burst onto the scene in 2012 as a Kickstarter campaign, raising more than $8 million dollars from initial backers. The console officially launched in 2013 after securing significant funding from various investment firms. Despite intense interest at the outset, the $99 Android-based gaming console ultimately garnered mixed reviews. It's unclear how much OUYA is seeking from a potential buyer, but, if true, this report doesn't come as too much of a shock given the console's poor sales and new competition from Android TV devices.