Coghead, a startup that let users create web applications without advanced coding knowledge, has finally sold its intellectual property to shareholder SAP AG after a month of hunting for a buyer. The deal officially closed last week, but no financial terms have been disclosed. According to software giant SAP, Coghead’s technology will be used internally and not marketed as a product of its own.
Redwood City, Calif.-based Coghead started looking to be acquired at the start of the year when it couldn’t raise enough funds to repay a $1 million outstanding loan from Western Technology Investment. The company last raised funds in 2007 amounting to $7 million from SAP Ventures and El Dorado Ventures (which provided a $3.2 million first round of funding to Coghead in 2006).