Australian startup Appster Collapses Into Liquidation | MobileAppDaily
Mobile App

Australian Tech Giant Appster Dumps Into Liquidation

Appster goes into liquidation, leaving its business in the lurch

Australian Tech Giant Appster Dumps Into Liquidation

Australian startup, Appster, also hailed as ‘The next Apple’ due to the company’s immense growth with over $20m in revenue and 400 employees spanning offices on four continents, collapses into liquidation.

This multimillion-dollar app development company was founded in 2011, by two childhood friends, Josiah Humphrey, and Mark McDonald when they were only 19 years-old. They have also been ranked among the country’s richest people under 40.

However, the Australian Headquarters of the company has been dumped into liquidation, leaving its business stranded. Paul Vartelas of BK Taylor and Co Liquidators has been appointed as an administrator to manage the process.

Confirming the business’ liquidation, Vartelas said that the main reason for the collapse was due to a ‘sharp drop’ in work available over the last six months.

Speaking to SmartCompany, Vartelas said,

He further added,

In a statement to AFR Weekend, both Co-Founders said that they are left heartbroken and acknowledged that despite their best efforts, sometimes ‘things don’t work out.’

 

The Tax Factor

McDonald and Humphrey also blamed the Australian Taxation Office for its collapse.

They further added,

The company had engaged high-profile advisors comprising the likes of the creator of FBI, Kevin Brock and founding CEO of PayPal, David Jacques.

New Assistance

Mobile app and software development company, Appscore, also a direct competitor to Appster, has stated that it would step-in to ‘help the customers and staff affected by Appster liquidation.’

Alex Louey, co-founder and managing director of Appscore said,

 

"Just like Rockefeller did to oil, Henry Ford did to cars, we want to build the world's first global ideas company," McDonald told the Financial Review in 2014.

With this vision in mind, the sudden silence of the company is undoubtedly heartbreaking for the young Founders.

MAD Team
Written By

MobileAppDaily host a team of experienced technical writers, industry wizards, and app experts who have an exact knack of content that caters to the needs of the mobile app targeted audience. We strive to bring you the best of tech!

Top Companies

InMobi
Singapore
Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
Techmagnate
New Delhi, India
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
Mobile App

WhatsApp Planning To Enhance The Image Sending And Calling Features of The App

MAD Team 4 min read  

WhatsApp which started as a just as a chatting application to rival the SMS, now have gone beyond the limitations. The popular chatting app keeps evolving in terms of functionalities and services as well. Now it's the most used chatting app and used to share many contents along with the chatting

Mobile App

Pixel Themes App In Android Q To Add More Punch In Google Pixel Devices

MAD Team 4 min read  

The Android Q Beta 2 version is out, and we all are excited about the new OS updated and features. To add on to the same, Android Q Beta 2 has brought the “Pixel Themes” app, which can change the font, icon shape, and accent color of the Google Pixel devices.The theming option can be

Mobile App

Your Tinder Photos Are Finally Encrypted

MAD Team 4 min read  

Tinder has always remained in the news for letting dating couples get a perfect match for themselves. For the same reason, the dating app has helped some of the users meet their another significant and that’s why the popularity of the app is flourishing like never before. Once again the dating

Mobile App

Nintendo's Stellar Year, Gets Into The Partnership With CyberAgent For Mobile Games

MAD Team 4 min read  

Since Nintendo announced the partnership with CyberAgent, the profit for the latter has been seen soaring many points. Since November 2013, the profit shares for CyberAgent are increasing as much as 16 percent in the early trade. As per the deal between the two gaming giants, Nintendo will have a 5