A U.S. Bankruptcy judge has approved the sale of Thinkstream, a Baton Rouge firm whose software allows law enforcement agencies to share information from their databases.
An auction for the company drew only one bid: $1.4 million from Thinkstream Acquisition LLC. Thinkstream Acquisition includes Thinkstream’s largest debtor, TSB Ventures of Folsom, BIG Networks founder J. Smith Thomas and Matt Teague, the former president of First Call Network, a public safety software company. TSB owns 60 percent of the acquisition company. Thomas and Teague each own 10 percent.
Teague will serve as CEO of Thinkstream Acquisition.
“Our management team and employees look forward to revitalizing and establishing customer confidence in our technology and operations,” Teague has said.