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

https://dk2dyle8k4h9a.cloudfront.net/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.

Vikram Khajuria
Written By
Vikram Khajuria

Jack of all trades. Covering the journalism field, Vikram writes at MobileAppDaily and keeps surfing the trends to understand tech and inventions better. Don’t forget his driving skills, he is a professional car rallyist. Life has just got better. Breathe it!!

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

Amazon Pushes Voice Control To Its iOS Alexa App

Vikram Khajuria 4 min read  

Amazon finally brings the voice control for Alexa on iOS devices. The company has updated Alexa app for iOS devices that will allow the users to give voice commands. With the help of new feature, the iOS users can control the smart home appliances and will be able to directly ask questions to Alexa.

Mobile App

GoodSAM

Joshua Anderson 4 min read  

Have you ever thought? - If someday you are on the way and your heart stops beating. Then even a minute delay of an ambulance might may result something devastating. To meet this challenge The London Ambulance service has taken an initiative and have started using an app – GoodSAM to upsurge t

Mobile App

Dropbox Paper: Now You Can Emend Documents Even in Offline Mode

Ariana Johnson 4 min read  

Everything is getting simplified and accessible in order to provide hassle free working environment. This is getting possible only due to regular digital evolution, mobile applications play a vital role in this picture. If we look out to the latest mobile app technology news, app technology day by d

Mobile App

This New Apple

Ariana Johnson 4 min read  

Mobile app technology is all about how innovatively you provide a solution to the people's simplest problems. This sentence is proven by the newbie in the Apple’s App Store that shocked everyone. The new secret messaging app Sarahah gained sudden popularity app Sahara due to its unique fea