Zirtual Inc. resumed service yesterday following its acquisition by startup launch platform Startups.co. Zirtual provides virtual assistance services to executives, but it had abruptly shut down on Aug. 10. 

Startups.co will purchase the company and all its assets; terms of the all-stock transaction were not disclosed. CEO Wil Schroter said he was a Zirtual client and friend of a current Zirtual investor.

“We can’t comment on the details of the acquisition until we’ve had time to work with all interested parties,” said Schroter. “This happened really quickly so we’re being measured in our approach.”

Maren Kate Donovan, who founded Zirtual in 2010, attributed the firm’s struggles to its burn rate.

“At the end of the day we grew faster than we could handle,” Donovan wrote in a blog post explaining the firm’s downfall. “Our burn spiraled out of control even with our high revenues, and that led to the pausing of Zirtual’s services.”

Recruit Co. Ltd., one of the world’s largest staffing firms, had been an investor in Zirtual.

Zirtual brought 60 people back as independent contractors and resumed services on Monday. 

“Mind you it takes time to match people with their ZAs and restart so in a single day, 60 is a heck of a lot of people,” Schroter said. “In the short term, the only way to feasibly bring this many people on to a new entity was through independent contracting but that doesn’t prohibit folks from becoming salaried W-2 workers in the future.”

As of last month, Zirtual was on an $11 million run rate top line with 400 employees.

“Zirtual has built an incredible brand,” said Schroter. “While the press last week was negative, the service and the people behind the company have always been extremely happy.”

Startups.co’s products include Fundable.com (funding), Clarity.fm (mentorship), and Launchrock.com (customer acquisition) among others. This will be the fourth acquisition in just over one year.