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

Systweak Anti-Malware: Keep Your Phone Safe and Secure

Eric Jones 4 min read  

Malware threats cause a serious damage to your device performance. Your device may affect with malicious content from many sources including online and offline activities. To remove this malware threat, you can use anti-malware programs for effective results. Systweak Anti-Malware is one such tool t

Mobile App

Your Favourite Apps Are The One That Sucking All the Space In Your iPhone

Eric Jones 4 min read  

The storage problem is nothing new with the smartphones but if recently you have experienced this more often, your phone is not the one to blame. In the recent years, your strange issue with your iPhone may have increased much. Smartphones are not behind that space problem actually it's the apps

Mobile App

Reddit Is Rolling Out Chat Rooms To Its Users

Vikram Khajuria 4 min read  

Chatting is something we all cherish, and on the same lines, Reddit has something for its users. The internet’s largest forum hub is investing in ‘Chat Rooms,’ which is intended to bring the Reddit users together. As the word ‘Chat Room’ itself suggests a space where mu

Mobile App

Amazon Is Working On Prime Video App To Improve User Experience

Vikram Khajuria 4 min read  

Amazon Prime video app may be getting its most significant makeover to improve the user experience. Jennifer Salke, new Amazon Studios head teases about the upcoming Amazon update at the Television Critics Association’s summer press in L.A. She also mentioned that the upcoming version of the A