Kaleil Isaza Tuzman
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|Kaleil Isaza Tuzman|
|Alma mater||Harvard University|
|Occupation||Managing partner of KCP Capital.|
|Known for||Entrepreneur, Co-founder of govWorks.com, subject of documentary Startup.com|
Kaleil Isaza Tuzman (born in October 1971) is an entrepreneur, the former chief executive officer and elected chairman of the board of KIT digital, Inc., and managing partner of KCP Capital. Isaza Tuzman started his career at Goldman Sachs. Isaza Tuzman is best known as an entrepreneur and co-founder of govWorks.com, subject of the 2001 documentary Startup.com about the founding and bankruptcy of the company.
After graduating from Harvard University, Isaza Tuzman worked on Wall Street for 5 years at Goldman Sachs before launching govWorks, Inc., an Internet start-up along with his childhood friend Tom Herman. Isaza Tuzman as the company’s CEO was able to quickly raise $60 million in venture capital, however like many companies of the “dot com” era, govWorks, Inc. was negatively affected by the burst of the "dot-com bubble" and was sold to First Data Corp. for nearly $20 million. The journey from the founding days to the sale of the company was documented in a documentary “Startup.com”, which premiered at the Sundance Film Festival in 2001.
Soon after govWorks.com, Isaza Tuzman founded Recognition Group (later known as KIT Capital), a company aimed at providing exit strategies, financial restructuring and interim management for distressed companies. Among dozens of projects, KIT Capital managed the sale of Tigris Corp., a privately held strategic sourcing and supply chain consultancy based in New York City, to Verticalnet, Inc. in 2004. In 2001 KIT Capital/Recognition Group took over KPE, a struggling web development subsidiary of Grey Global Group, where Isaza Tuzman took the role of the CEO and chairman and sold the company to Mobilocity, Inc. (which was subsequently sold to Agency.com) less than a year later.
In May 2005, Isaza Tuzman was brought in as the President of JumpTV, a small start-up that focused on delivering foreign Internet Protocol Television (IPTV) content. Under his leadership, the company grew to become a leading company in delivery of syndicated foreign television content over the Internet around the globe. In August 2006, Isaza Tuzman led the IPO of JumpTV with Morgan Stanley as the lead underwriter, which allowed the company to raise over $60 million, and additional $100 million in a secondary offering less than a year later. In late 2007, Isaza Tuzman sold a substantial portion of his shareholding interest in JumpTV in the public market, which subsequently floundered after his departure.
In late 2007, Isaza Tuzman purchased a controlling interest in ROO Group and became the company’s CEO and chairman of the board. After financial restructuring and key acquisitions ROO, an Internet video technologies company, became one of the leading end-to-end IP video providers under the new name of KIT digital. KIT digital listed on the NASDAQ Global Market in August 2009 under the ticker "KITD".
On November 21, 2012, the company announced errors that will force restatement of prior period financial statements and postponement of Q3 2012 results. The 2009, 2010 and 2011 years and 1Q12 and 2Q12 will be restated; KITD says investors should no longer rely upon previously issued statements for those periods. The company says an event of default exists in a secured loan facility that has 11 mln. USD outstanding; that its cash balance has dwindled to USD 10.6 mln., and that cash burn is expected to continue. As a result, KIT is exploring "a broad set of strategic alternatives," including financing deals (virtually guaranteed to be dilutive) and a sale. It's also cancelling its 2012 shareholder meeting. Shares traded more than 50% down in after hours trading. The company announced on December 10, 2012, that it has received notice from NASDAQ, because it has not yet filed 3Q results with the SEC. The company no longer complies with the continued listing requirements under Nasdaq. The NASDAQ stock market announced on December 11, 2012, that trading of NASDAQ:KITD shares was halted.
KITD announced on April 16, 2013 that it would file for bankruptcy on April 24 with a debt plan supported by three of the largest shareholders. The company’s last financial statements listed a revenue of $107.3 million for the six months ended June 30, resulting in a $110.8 million loss from operations, including a $55 million goodwill-impairment charge. Jones Day, with a claim of $1.6 million for legal services, is shown as the largest unsecured creditor. The case is IN RE Chapter 11. KIT Digital, Inc., Case No. 13-11298 U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Isaza Tuzman left KIT digital in April 2012.
Executive Board Positions
Board Member, Digital Domain Media Group
Board Member, Nextivity, Inc.
Board Member, Believe Entertainment
Board Member, Soliya
Board Member, Vidunia
Chairman of the Board, KIT digital, Inc.
In 2005, Isaza Tuzman published a book The Entrepreneur's Success Kit: A 5-Step Lesson Plan to Create and Grow Your Own Business
- "KIT digital, Inc. management team"
- "KCP Capital team"
- "Startup.com Movie", IMDB
- "Startup.com Movie", Wikipedia
- "Startup.com Movie", IMDB
- "Startup.com", IFC
- " Verticalnet Acquires Tigris Corp. - Combining Industry Leading Technology and Supply Management Expertise.", Business Wire
- "KPE Finds Investor, CEO Steps Down", Adweek
- "Friends learn lessons from failed Web site venture", USA Today
- "Kaleil Isaza Tuzman and Tom Herman", Business Insider
- "Online Expatriate TV Channel Aggregator JumpTV Raises $100 Million In IPO on AIM ", PaidContent
- "Roo Group: Kaleil Tuzman Named Chairman And CEO", PaidContent
- "KIT digital to Move to NASDAQ Global Market Exchange on August 14, 2009, Under the Symbol "KITD"", Reuters
- "KIT digital, Inc. Announces Restatement of Prior Period Financial Statements and Postponement of Third Quarter 2012 Results". 11-21-2012.
- "KIT digital, Inc. Announces Receipt of Notice From NASDAQ". 12-10-2012.
- "KIT digital to Change Auditors and Announces Delisting From NASDAQ". 12-18-2012.
- ["http://www.bloomberg.com/news/2013-04-25/kit-digital-files-for-bankruptcy-after-shareholder-accord.html "KIT digital Files for Bankruptcy"]. 04-26-2013.
- "KIT digital's Chairman Resigns"
- The Entrepreneur's Success Kit, St. Martin's Griffin, Published: January 2005, ISBN 978-0-312-32945-7, ISBN 0-312-32945-8,244 pages
- Forbes Executive Profile - Forbes.com
- Kaleil Isaza Tuzman's Appearance on Charlie Rose
- Startup.com: The Sequel - Forbes.com
- Second Act: ‘Startup.com’ Stars Reflect On Life A Decade Later - The Wall Street Journal
- Hulu IPO: Major test for Internet TV business - CNN Money
- KIT digital Buys 3 Video Companies for $77.2 Million - Bloomberg
- Roll ’Em Up! Video Back-End Company KIT Digital Buys KickApps, Kyte, Kewego - All Things Digital
- Exclusive: KIT digital Acquires KickApps, Kewego AND Kyte For $77.2 Million - TechCrunch
- Deal of the day: KIT digital expands - The Financial Times
- KIT buys ioko for $79.4m - The Register
- Kit Digital Ramps up Video Services with 1100 Customers As Revenue Doubles in 2009 - Beet.TV
- KIT Digital to Power Tribeca Film Festival Video Site - Beet.TV
- HOW TO: Monetize Your Site With Video by Kaleil Isaza Tuzman on Mashable.com