Twiistup, the tech networking party juggernaut where innovative new start-ups go to show off, is onto the next phase of its existence: creator Mike Macadaan announced today (or yesterday, depending on when you read this) that he's sold the business to Los Angeles-based entrepreneur/producer Francisco Dao. (He can't disclose the amount of the sale.)

Macadaan will be focusing on his day job at Tsavo, and on starting another company called Sumopop (what it is, or what it does, remains to be seen).

Twiistup will still be called Twiistup.

But it will be expanding into a full-on conference with national draw. The party and start-up showoff competition will be staying.

Check out the details here at Macadaan's blog. He will continue on as “creative advisor.” Don't worry. The evening event will still be swank and fun. And Macadaan's wife Steph will retain her position as Director of Pretty Much Everything.

LA Weekly