Snocap looking for a potential buyer

Snocap was founded by Shawn Fanning who is credited with creating the grand daddy of music sharing software service Napster.

The company provides technology enabling web services to sell music online. However, they are apparently struggling and have laid off most of their employees.

Market sources claim that they are now concentrating on finding a buyer as they believe that it would be the best possible scenario for them to survive.

The San Fransisco based company has cut down their staff from 57 employees to 26. Snocap CEO Rusty Rueff has accepted that they are looking for a possible acquisition deal with a larger entity.

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