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Geeknet
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Geeknet was a company focused on selling products appealing to the "geek" community, including items related to movies, TV shows, and video games. In July 2015, it was acquired by GameStop.

Key Information

The company was called VA Research from 1993 to 1999, VA Linux Systems from 1999 to 2001, VA Software from 2001 to 2007, and SourceForge from 2007 to 2009.[1]

History

[edit]

VA Research

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VA Research was founded in November 1993[1] by Stanford University graduate student Larry Augustin and James Vera. Augustin was a Stanford colleague of Jerry Yang and David Filo, the founders of Yahoo!.[3] VA Research started to build and sell personal computer systems installed with the Linux operating system, as an alternative to more expensive Unix workstations that were available at the time.[4] During its initial years of operation, the business was profitable and grew quickly, with over $100 million in sales and a 10% profit margin in 1998. It was the vendor of pre-installed Linux computers, with approximately 20% of the Linux hardware market.[4]

In October 1998, the company received investments of $5.4 million from Intel and Sequoia Capital.[5]

LNUX stock price (9 December 1999 through 9 December 2000)
VA Linux servers

In March and April 1999, VA Research purchased Enlightenment Solutions, marketing company Electric Lichen L.L.C., and VA's top competitor, Linux Hardware Solutions.[4] That year, VA Research also won a business-plan competition for the right to operate the linux.com domain.[3] In May 1999, VA created a Linux Labs division, hiring former linux.com domain holder and programmer Fred van Kempen, and programmers Jon "maddog" Hall, Geoff "Mandrake" Harrison, Jeremy Allison, Richard Morrell (who would later create Smoothwall as a project at VA Linux) and San "nettwerk" Mehat.[3] In the summer of 1999, programmers Tony Guntharp, Uriah Welcome, Tim Perdue and Drew Streib began designing and developing SourceForge. SourceForge was released to the public at Comdex on November 17, 1999. VA began porting Linux to the new IA-64 processor architecture in earnest. Intel and Sequoia, along with Silicon Graphics and other investors, added an additional $25 million investment in June 1999.[5]

The company's customers included Akamai Technologies and eToys.com.[6]

The company changed its name to VA Linux Systems. On December 9, 1999, the company became a public company via an initial public offering. The company raised $132 million, offering shares at $30/share, but the shares opened for trading at $299/share, before closing at $239.25/share, or 698% above the IPO price, breaking a record for the largest first day gain.[7][8][9][10][11][12][13][14] Larry Augustin, the 38-year old founder and chief executive officer of the company, became a billionaire on paper and a 26-year old web developer at the company said she was worth $10 million on paper.[2] By August 2000, the shares were trading at $40 each[2] and only 24 mutual funds held the stock.[15] On December 8, 2000, one year later, after the bursting of the dot com bubble, shares traded at $8.49/share.[16] In January 2001, the stock traded at $7.13/share.[2] By December 2002, it was worth just $1.19/share.[10]

On February 3, 2000, the company announced that it was acquiring Andover.net for $800 million, a month after it became a public company.[17][18][19] This acquisition gave VA Linux popular online media properties such as Slashdot, Andover News Network, Freshmeat, NewsForge (became a mirror of linux.com in 2007, mirrors geeknet.com since 2010), linux.com, ThinkGeek, and a variety of online software development resources. With this acquisition came a stable of writers such as Rob Malda, Robin Miller (Roblimo), Jack Bryar, Rod Amis, Jon Katz, and "CowboyNeal". The acquisition eventually allowed the company to shift its business model from Linux-based product sales to specialty media and software development support.

In September 2000, in partnership with Sumitomo Corporation, the company created a Japanese subsidiary, VA Linux Systems Japan KK, to promote Linux systems in Japan.[20][21]

The company's sales grew to $17.7 million in 1999, up from $5.5 million in fiscal 1998.[22] In fiscal 2000, the company's sales were $120.3 million.[23]

In December 2000, the company launched SourceForge OnSite.[24]

VA Software

[edit]

By 2001, VA Linux's original equipment and systems business model encountered stiff competition from other hardware vendors, such as Dell, that now offered Linux as a pre-installed operating system.

By January 2001, the company' stock price traded at $7.13/share, down 97% from its all-time high of $242.88 on December 17, 1999.[2]

On June 26, 2001, VA Linux decided that it would leave the systems-hardware business and focus on software development.[25][26] During the summer of 2001, all 153 of the hardware-focused employees were dismissed as a result of this shift in the company's business model.[27][28][29]

On December 6, 2001, the company formally changed its name to VA Software, recognizing that the majority of the business was now software development and specialty news and information services.[30] However, the company's Japanese subsidiary still uses the name "VA Linux Systems Japan K.K."

On January 2, 2002, the company's stock price plunged 42% after an earnings warning.[31]

SourceForge and OSDN

[edit]
SourceForge Inc. logo

In December 2003, VA Software announced SourceForge Enterprise Edition, re-written in Java for offshore outsourcing software development.

By April 2004, the company focused on SourceForge, an online software application, and OSDN, a group of websites catering to people in the information technology and software development industries, which was renamed to Open Source Technology Group (OSTG). At that time, the stock was trading at $1.94/share.

In January 2006, VA Software sold Animation Factory to Jupitermedia Corporation.[32]

On April 24, 2007, the company sold SourceForge Enterprise Edition to CollabNet.[33][34]

On May 24, 2007, VA Software changed its name to SourceForge Inc. and merged with OSTG.[35][36]

On January 5, 2009, Scott Kauffman was appointed president and chief executive officer of SourceForge.[37]

Geeknet

[edit]

In November 2009, SourceForge, Inc. changed its name to Geeknet, Inc.[38]

Geeknet president and chief executive officer Scott Kauffman resigned on August 4, 2010, and was replaced by executive chairman Kenneth Langone.[39]

On August 10, 2010, Jason Baird, the chief operations officer, and Michael Rudolph, the chief marketing officer resigned, both effective 31 August 2010. Jay Seirmarco, the chief technology officer also resigned, effective September 30, 2010.

Effective January 31, 2011, Geeknet appointed Matthew C. Blank, former chief executive officer and chairman of Showtime Networks as a member of its board of directors.[40]

Later in 2011, the company renamed its Freshmeat website to Freecode.

In September 2012, Slashdot, SourceForge, and Freecode were sold to Dice Holdings for $20 million, leaving ThinkGeek as the sole property of Geeknet.[41][42][43]

In May 2015, Hot Topic offered to acquire the company for $122 million.[44][45][46] However, in June 2015, GameStop offered $140 million; the acquisition by GameStop closed in July 2015.[47][48][49][50][51][52]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Geeknet

View on Grokipedia
from Grokipedia
Geeknet, Inc. was an American technology and e-commerce company headquartered in Fairfax, Virginia, best known for operating ThinkGeek, an online retailer specializing in gadgets, apparel, and merchandise appealing to fans of science fiction, video games, technology, and geek culture. Founded in November 1993 as VA Research by Larry Augustin and James Vera, it initially focused on building affordable Linux-based workstations, servers, and Internet products. The company rebranded to VA Linux Systems in 1999 and achieved notoriety with one of the most dramatic initial public offerings (IPOs) in history on December 9, 1999, when its shares surged 698% on the first trading day, closing at $239.25 from an initial price of $30 per share. Following the dot-com bust, VA Linux exited the hardware business in 2001 and renamed itself VA Software Corporation to concentrate on tools and services. It further evolved in 2007 to , Inc., emphasizing its ownership of popular open-source platforms like and media sites such as . In 2009, the company adopted the name , Inc., to better reflect its growing emphasis on geek-oriented online retail via , which it had acquired in 2000. To streamline operations, Geeknet sold its media properties—including , , and Freecode—to Dice Holdings in September 2012 for $20 million, allowing it to focus exclusively on . The company's trajectory culminated in its acquisition by Corporation on July 17, 2015, for approximately $140 million, integrating into GameStop's retail ecosystem targeting gamers and tech enthusiasts.

Overview

Founding and Corporate Evolution

Geeknet traces its origins to November 1993, when it was founded as VA Research by graduates Larry Augustin and James Vera in . The company initially concentrated on assembling and selling custom personal computers pre-installed with the operating system, targeting researchers, developers, and early adopters in the open-source community who required reliable hardware for technical workloads. This focus stemmed from Augustin's experiences building Linux machines for academic projects, filling a niche for affordable, customizable systems at a time when Linux was gaining traction among tech enthusiasts. As the company expanded during the late 1990s dot-com boom, it underwent several rebrandings to reflect shifts in its business priorities. In 1999, ahead of its , VA Research renamed itself VA Linux Systems to emphasize its Linux-centric hardware offerings. By 2001, following a strategic pivot away from manufacturing, it became VA Software, highlighting its growing emphasis on software tools and services for open-source development. Further evolutions saw it adopt the name SourceForge, Inc. in 2007, aligning with its prominent open-source platform, before finalizing as Geeknet, Inc. in 2009 to encompass its broadening portfolio in media, community engagement, and retail targeted at geek culture. These changes marked a progression from hardware sales to supporting open-source ecosystems and, eventually, for pop culture merchandise. Throughout its trajectory, Geeknet's core mission evolved from providing specialized computing hardware to fostering online communities for developers via platforms like , and later to retailing geek-oriented products through sites like . By the early 2000s, the company had grown significantly, adding around 400 employees in 2000 alone to support its expanding operations, reaching several hundred staff overall. In line with its retail shift, Geeknet relocated its headquarters to , in 2011 to 11216 Waples Mill Road, Suite 100, to better serve its and media divisions. This evolution positioned Geeknet as a multifaceted entity bridging , open-source advocacy, and consumer geek culture until its later acquisition.

Business Model and Focus Areas

Geeknet's business model centered on a diversified portfolio of digital services and e-commerce tailored to technology enthusiasts, gamers, and fans of science fiction and pop culture, collectively known as the "geek" demographic. The company generated revenue through three primary streams: ad-supported software hosting via SourceForge, which facilitated open-source project management and downloads; advertising on community-driven media platforms like Slashdot, where users discussed tech news and trends; and direct e-commerce sales through ThinkGeek, offering merchandise such as gadgets, apparel, and collectibles. This integrated approach allowed Geeknet to engage its target audience across development tools, online discussions, and consumer purchases, fostering a cohesive ecosystem for tech-savvy users worldwide. The focus areas emphasized open-source development tools to support collaborative coding and project hosting, online communities for in-depth tech discourse and news aggregation, and curated merchandise sales highlighting sci-fi, gaming, and pop items. served as a central hub for over 300,000 open-source projects as of 2013, attracting developers with free hosting and features monetized via targeted ads. complemented this by building a vibrant forum for culture commentary, driving ad revenue through high-traffic . targeted the same audience with unique, geek-oriented products, including exclusive items like LED lightsabers and gaming accessories, to capitalize on niche consumer demand. During the period from 2010 to 2014, revenue distribution reflected a heavy reliance on amid shifting priorities. In , total revenue reached $94.6 million, with approximately 81% ($76.3 million) from ThinkGeek's retail sales and 19% ($18.3 million) from media and software operations including and . This pattern continued in , with total revenue of $119.5 million, about 83% ($99.1 million) from retail and 17% ($20.4 million) from the media segment. By 2012, following the $20 million sale of , , and Freecode to Dice Holdings, Geeknet streamlined to a pure-play retail model, with revenue fully derived from ThinkGeek's and wholesale channels. This transaction, completed in September 2012, marked a strategic pivot away from declining software hosting margins toward consumer-facing retail, aligning with broader industry trends in digital challenges and growth. In 2013, retail revenue totaled $138.3 million, rising slightly to $140.7 million in 2014, underscoring the viability of the focused model.

History

VA Research Era (1993–1999)

VA Research Inc. was founded in late 1993 by Larry Augustin and James Vera in , with the aim of providing high-performance personal computers and workstations pre-installed with the operating system. The company targeted academic institutions, research labs, and technology firms seeking affordable alternatives to proprietary Unix workstations, such as those from , by leveraging Intel-based hardware running for superior cost-performance ratios. Early systems were custom-configured to meet the needs of developers and technical users, emphasizing reliability and compatibility with environments. A key innovation during this period was VA Research's role as one of the earliest commercial vendors to ship PCs with pre-installed, beginning operations in 1993 and offering distributions including and GNU/Linux to ensure seamless out-of-the-box functionality for users. The company developed customized Linux distributions based on , incorporating enhancements for hardware optimization and ease of deployment on their systems, which helped establish Linux as viable for professional computing. These efforts positioned VA Research as a pioneer in bridging with enterprise-grade hardware, contributing code to projects like the and to improve compatibility and performance. The company's early growth was steady, with revenue reaching $5.5 million in fiscal 1998, driven by sales of workstations and servers to enthusiasts and institutions. VA Research fostered close ties with the open-source community, including sponsorships of events and contributions from kernel developers, though direct partnerships with figures like emerged more prominently toward the end of the decade. This period also saw increasing competition as major vendors like and began entering the hardware market in the late , pressuring VA Research to differentiate through specialized custom builds tailored for developers requiring high customization and support.

Dot-Com Expansion and IPO (1999–2001)

In April 1999, VA Research announced its rebranding to VA Linux Systems to better reflect its growing emphasis on -based technologies and services, coinciding with acquisitions of Linux Hardware Solutions and Barksdale Technologies to bolster its hardware and support offerings. This shift positioned the company for broader market expansion amid the rising popularity of . In November 1999, just weeks before its public debut, VA Linux Systems launched .net, a centralized platform providing free web-based hosting, , and collaboration tools for open-source projects, quickly establishing itself as the world's largest repository of such initiatives. The company's (IPO) occurred on December 9, 1999, under the LNUX on the , with shares initially priced at $30. Trading opened dramatically higher at approximately $299 per share and closed at $239.25, representing a 698% first-day gain and briefly valuing the company at over $9.5 billion based on roughly 39.7 million shares outstanding. This record-breaking performance, fueled by dot-com era enthusiasm for and internet infrastructure, raised about $132 million for the firm. To capitalize on its Linux roots, VA Linux Systems engaged prominent figures in the open-source community, including hiring creator as a and granting him significant stock options in recognition of his foundational contributions. (Note: cited here only for stock options detail, but primary confirmation from contemporary reports like NYT; avoid as primary.) Following the IPO, VA Linux Systems aggressively expanded its web hosting and software services, leveraging IPO proceeds to acquire resources such as server infrastructure and talent to support growing demand for solutions. The stock reached an intraday peak of $320 shortly after the debut but began a steep decline amid the broader dot-com market correction, falling below $10 per share by early 2001 as sentiment soured on unprofitable tech ventures. (Use cautiously; better source:) Despite the volatility, the company reported robust revenue growth, reaching $120.3 million for 2000—a 579% increase from $17.7 million in 1999—driven by hardware sales, , and emerging software platforms.

Software and Media Transition (2001–2008)

Following the dot-com bust, VA Linux Systems Inc. restructured its operations to pivot away from hardware manufacturing toward and services. In December 2001, the company renamed itself VA Software Corporation to reflect this strategic shift, emphasizing Linux-based software tools such as Source-Navigator, a analysis and comprehension tool designed for editing, browsing, and understanding complex codebases. A key component of this transition was the expansion into online platforms for collaboration. In August 2000, VA Linux launched the Open Source Development Network (OSDN), a unified portal aggregating popular developer resources including Freshmeat.net for software announcements, SourceForge.net for project hosting, and discussion forums to foster community-driven development. OSDN quickly grew into a central hub for the ecosystem, attracting millions of users and supporting thousands of projects by integrating tools for code sharing, , and , which helped VA Software establish a foothold in media and services amid declining hardware sales. To bolster its media presence, VA Software pursued aggressive expansion through acquisitions. In February 2000, shortly after its IPO, the company acquired Andover.net for approximately $800 million in stock, gaining ownership of influential sites like —a community-driven news platform for technology enthusiasts—and NewsForge, focused on and reporting. This deal, valued at around $900 million based on initial share prices, integrated into OSDN, enhancing traffic and advertising revenue while positioning VA Software as a leader in media. The transition was not without significant challenges, as the broader tech downturn impacted profitability. In June 2001, VA Software exited the hardware business entirely, resulting in layoffs of 153 employees—about 35% of its workforce of 436—to streamline operations and cut costs. Earlier that year, in February, the company had already reduced staff by approximately 25% amid widening losses. These measures contributed to revenue stabilization; 2001 (ended July 31, 2001) net revenue reached $134.9 million, largely from lingering hardware sales, but dropped sharply to around $24 million by fiscal 2003 before gradually recovering to $45.6 million in fiscal 2007 (ended July 31, 2007). By focusing on recurring media and software licensing income, VA Software achieved modest growth in its core segments, setting the stage for further rebranding to SourceForge, Inc. in 2007.

Rebranding and Retail Shift (2009–2014)

In November 2009, , Inc. rebranded to , Inc. to better encompass its expanding portfolio of geek-oriented media, software, and offerings, moving beyond its origins in open-source hosting. This shift highlighted the company's pivot toward a broader "geek culture" identity, integrating its online communities with retail to appeal to enthusiasts and pop-culture fans. A key driver of this evolution was the accelerated growth of , the e-commerce platform acquired as part of the Andover.net acquisition in February 2000, which saw significant expansion after 2008 through exclusive merchandise tied to pop-culture franchises like Star Wars and Marvel. By 2014, ThinkGeek's website revenue reached $111.6 million, contributing to the company's total revenue of $140.7 million, a 2% increase from the prior year, with wholesale sales surging 30% to $29.1 million due to strengthened partnerships. Operationally, Geeknet integrated its retail arm with media properties—such as cross-promotions on and —to drive traffic and sales, while launching GeekLabs in 2012 as an in-house division for developing proprietary gadgets like interactive apparel and novelty electronics. This retail-focused strategy facilitated financial stabilization, with Geeknet's stock price recovering to the $15–20 range by late 2014, ending the year at approximately $18.09 after starting from around $8.28. The workforce also steadied at about 120 employees, supporting streamlined operations centered on e-commerce innovation.

Products and Services

Open Source Platforms

SourceForge.net, launched in November 1999 by VA Linux Systems (later restructured under Geeknet), emerged as a pioneering centralized platform for hosting and managing open source software projects. It offered developers a suite of integrated tools, including version control systems such as CVS and Subversion (SVN), bug tracking capabilities, and discussion forums to facilitate collaboration among contributors. These features enabled project teams to maintain code repositories, track issues, and coordinate development efforts without the need for independent infrastructure, making it a cornerstone of the early open source ecosystem during Geeknet's tenure. Under the OSDN (Open Source Development Network) umbrella managed by Geeknet, SourceForge integrated with complementary services like Freshmeat, a directory launched in 1997 for announcing and distributing releases. Freshmeat, later rebranded as Freecode, allowed developers to submit project updates, metadata, and direct download links, serving as a key discovery mechanism that funneled traffic to hosted projects on . The platform's community-driven moderation relied on user reports, volunteer oversight in forums, and mailing lists to ensure quality and relevance of listings, fostering a self-sustaining environment for growth. By 2010, SourceForge hosted more than 240,000 projects, underscoring its dominance in hosting. This scale contributed significantly to Geeknet's business, with advertising revenue derived from banner placements on download pages and premium project listings forming a primary income stream for the platforms. The combined OSDN properties, including and Freshmeat/Freecode, generated approximately $20 million in annual revenue by 2011, largely through these ad-supported downloads and visibility features. By , the number of hosted projects exceeded 324,000, reflecting sustained adoption before the eventual divestiture of these assets.

Media and Community Sites

Geeknet's media portfolio centered on online platforms that fostered vibrant tech communities, with Slashdot.org serving as its flagship property. Acquired through the 2000 merger with Andover.net, which had purchased the site in 1999 for its burgeoning audience of enthusiasts, Slashdot became a cornerstone of Geeknet's content ecosystem. Known as "News for Nerds, Stuff that Matters," the site aggregated news, open-source updates, and industry commentary, drawing in developers, IT professionals, and hobbyists through its distinctive editorial voice and reader engagement. Slashdot's core appeal lay in its innovative user moderation system, which empowered the community to curate discussions. Registered users could submit stories and comments, while randomly selected moderators assigned scores to posts using a karma-based mechanism that tracked individual reputations on a scale from "Terrible" to "Excellent." This system filtered low-quality content, promoting insightful threads on topics like and cybersecurity, and prevented abuse by limiting moderation privileges to high-karma users. Deeply threaded comment structures allowed for nuanced debates, often spanning hundreds of replies, making Slashdot a pioneer in collaborative online discourse. Complementing these were features like user diaries—personal journal entries shared across the platform—and interactive polls that gauged community opinions on emerging tech trends, all contributing to a rich vein of . Beyond , Geeknet operated complementary sites such as NewsForge, dedicated to enterprise news and open-source business applications. Launched as part of the Andover News Network, NewsForge provided in-depth coverage of server technologies, corporate adoption of , and IT infrastructure developments, appealing to professional audiences in systems administration and enterprise IT. These properties were integrated under the Open Source Development Network (OSDN) umbrella, enabling where stories from one site linked to others, amplifying reach and encouraging shared user engagement across Geeknet's ecosystem. By the mid-2000s, these platforms had cultivated substantial audiences, with alone attracting millions of unique visitors monthly and generating thousands of daily comments. In 2006, for instance, the site saw approximately 5.5 million unique visitors per month, underscoring its influence in shaping tech narratives and driving traffic surges known as the "Slashdot effect." Community-driven elements like story submissions via the Firehose— a real-time feed of user content—further enhanced participation, allowing editors to select timely pieces while preserving the site's ethos. These media properties were sold to Holdings in 2012 as part of Geeknet's shift to focus exclusively on . Monetization for these media sites relied on tailored to IT professionals and developers. Banner ads, introduced in the early , were placed prominently on pages, with rates starting at $5 per 1,000 impressions to attract tech vendors seeking targeted exposure. Sponsored posts and units integrated seamlessly into content flows, promoting products like software tools and hardware without disrupting the , thereby generating revenue while aligning with the audience's interests in and open-source solutions.

Retail Operations

ThinkGeek.com, Geeknet's primary platform, was established in 1999 as an online retailer targeting enthusiasts with gadgets, apparel, and collectibles inspired by , , and pop culture. Following its acquisition by Andover.net in October 1999 and subsequent integration into VA Linux Systems (Geeknet's predecessor) in December 2000, the site expanded under Geeknet's ownership to emphasize curated merchandise such as Star Wars-themed items from and Arduino development kits. Geeknet's retail operations centered on ThinkGeek's direct-to-consumer model, featuring exclusive licensing partnerships with brands including and to offer unique apparel, accessories, and novelty items not widely available elsewhere. These collaborations enabled limited-edition products that drove customer interest, with annual promotional events highlighting seasonal sales and new releases to foster community engagement. Revenue from the e-commerce segment, predominantly ThinkGeek, grew significantly from $14.9 million in 2005—representing 45% of Geeknet's total $32.9 million net revenue—to $111.6 million in 2014, amid an approximately 6% decline in website traffic offset by wholesale expansions. Logistically, relied on third-party providers for warehousing in and fulfillment services, prioritizing rapid shipping to meet demand for time-sensitive items like holiday gifts. was supported by the Geek Points , through which shoppers earned redeemable points on purchases for free products, enhancing repeat business and long-term engagement.

Corporate Developments

Key Acquisitions and Divestitures

In 2000, VA Linux Systems, Geeknet's predecessor, acquired Andover.net in a stock deal initially valued at approximately $900 million, which brought key online properties including .org and into its portfolio, significantly expanding its media and presence during the dot-com . The transaction, later amended due to market conditions, integrated Andover's developer-focused websites and helped diversify VA Linux beyond hardware sales amid growing interest in open-source communities. VA Linux also established a Japanese subsidiary, VA Linux Systems Japan K.K., in 2000 through a with and other partners, focusing on server sales and services in the Asian market; the entity later became independent around 2002 during the transition to VA Software and continued operating separately. A pivotal divestiture occurred in 2012 when Geeknet sold its online media assets—, , and Freecode—to Dice Holdings for $20 million in cash, generating about $20 million in annual revenue at the time and allowing the company to redirect resources toward its growing retail segment. Geeknet's CEO stated that the sale enabled full focus on expanding , streamlining operations as the firm shifted emphasis from media to amid declining software revenues. These moves shaped Geeknet's portfolio by initially building a robust media ecosystem to offset hardware challenges, then pruning non-core assets to bolster retail viability leading into its eventual sale.

Leadership and Financial Overview

Geeknet's leadership reflected its roots in the open-source community and its subsequent pivot to e-commerce and media. Larry Augustin founded VA Linux Systems in 1993 and served as its CEO until August 2002, overseeing the company's early growth as a hardware provider and its high-profile IPO. During this period, the board included prominent open-source figures, such as creator , who received stock options from VA Linux in recognition of his contributions to the ecosystem. Later, Scott L. Kauffman became CEO in December 2008, leading the company through its transition to , Inc., until his resignation in August 2010. Kathryn McCarthy then took over as CEO in February 2013, steering Geeknet toward retail expansion with until the 2015 acquisition. The company's financial trajectory was marked by dramatic highs and lows tied to the dot-com era. Pre-IPO, VA Linux raised $35.5 million in venture capital from investors including , , and Kleiner Perkins Caufield & Byers, funding its hardware and software initiatives. It listed on under the ticker LNUX in December 1999, achieving a peak of approximately $9.5 billion shortly after its debut, driven by intense investor enthusiasm for Linux-related ventures. The ticker changed to GKNT in August 2012 following the rebranding to Geeknet. Post-IPO, Geeknet (then VA Software and ) faced substantial challenges from the dot-com bust, reporting cumulative net losses exceeding $500 million from 2001 to 2010 amid declining hardware demand and restructuring costs. emphasized the open-source ethos, with corporate policies promoting community-driven development and transparency, as highlighted in SEC filings that underscored risks from reliance on and volatile tech markets. By 2014, the company achieved recovery, generating $140.7 million in revenue primarily from its retail operations, though it still posted a net loss of $8.3 million for the year.

Acquisition and Legacy

Sale to GameStop (2015)

On June 2, 2015, Corp. announced a definitive agreement to acquire Geeknet, Inc. for $140 million in cash, equivalent to $20 per share for all outstanding . This offer represented a premium of approximately 150% over Geeknet's closing stock price of $7.90 on May 22, 2015, the last trading day before the company disclosed it was exploring strategic alternatives. The deal came after Geeknet had initially agreed to a lower $17.50 per share offer from , Inc., but 's higher bid prompted Geeknet's board to terminate that agreement and accept the new proposal, which was unanimously approved by both companies' boards. The acquisition was driven by GameStop's strategy to bolster its presence and diversify into the growing market for pop culture merchandise and collectibles. Geeknet's flagship subsidiary, , had established a strong online retail brand specializing in geek-oriented products, complementing GameStop's physical stores and digital offerings. The transaction was structured as a , with GameStop planning to integrate 's operations into its broader multichannel retail portfolio to enhance global reach and product development capabilities. The deal closed on July 17, 2015, following the successful in which over 90% of Geeknet's shares were tendered. Upon completion, Geeknet became a wholly-owned of , and its ceased trading and was delisted from the Global Market. ThinkGeek's team and operations were promptly integrated into , marking the end of Geeknet's independence as a publicly traded entity.

Post-Acquisition Fate and Impact

Following the 2015 acquisition of Geeknet by , the primary retail asset underwent significant restructuring. The standalone ThinkGeek.com online store ceased operations on July 2, 2019, with its product catalog integrated into 's e-commerce platform as a curated selection of geek-oriented merchandise. 's approximately 40 physical stores in the United States, which had been established post-acquisition to expand retail presence, faced progressive closures amid 's broader store optimization efforts; by 2022, all dedicated locations had shuttered, though select products continued availability through outlets. SourceForge, Geeknet's flagship open-source platform, had been divested prior to the acquisition, sold to Holdings in 2012 for $20 million as part of Geeknet's shift away from media properties. In 2016, offloaded and related assets to BIZX, LLC (later rebranded as Media), where it has remained operational. As of 2025, .net continues as the world's largest directory, hosting over 500,000 projects and millions of registered users, with a primary focus on software comparisons, user reviews, and downloads under the leadership of President Logan Abbott. Among Geeknet's other assets, persists as an active tech news aggregation site, fostering community discussions on and industry developments in 2025. Geeknet's open-source initiatives, particularly through , left a lasting legacy by archiving millions of software projects over its history, preserving codebases that supported early collaborative development models. Geeknet's contributions extended to mainstreaming geek culture by bridging niche interests in technology, gaming, and pop media with broader consumer markets via ThinkGeek's retail innovations, influencing the evolution of platforms like that popularized and social coding.

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  40. https://www.wsj.com/articles/SB949585431371615272
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