Name Intelligence founder leaves company.
Jay Westerdal, founder of Name Intelligence, has left Thought Convergence.
Thought Convergence, parent company of TrafficZ, acquired Name Intelligence LLC last year. The acquisition included the popular DomainTools.com site. Westerdal remains with Name Intelligence, Inc. a holding company.
Reached by phone this afternoon, Westerdal said his departure stems from a payment dispute over the acquisition.
“Thought Convergence was not able to pay the full amount they had been obligated to pay on the anniversary of the first part of the purchase,” said Westerdal. Thought Convergence bought Name Intelligence in May 2008. “They have another payment due in 2010.” Westerdal said he is considering legal action.
Thought Convergence said it will issue a formal statement later today. Thought Convergence issued a formal statement Wednesday evening, stating that Westerdal’s termination was unrelated to a dispute over the acquisition of Name Intelligence. The company also said it has enough money to pay for the acquisition and the balance of what it owes has been placed in escrow with its law firm.
Clarification: lots of people asked if Westerdal was fired. In both an e-mail to colleagues and in our phone conversation, he said he was indeed terminated.