News

Australian Tech Giant Appster Dumps Into Liquidation

Appster goes into liquidation, leaving its business in the lurch

Appster - MobileAppDaily

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.

Manish
Written By
Manish

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.
News

Shoelace App, Google’s New Attempt of Creating a Social Network After Fall of Google+

4 min read  

Google has a turbulent record when it comes to social networking platforms. In this area, Google’s best effort to date was Google+ that was recently shut down completely.Google+ never leveled up to the expectations of its makers and fall largely behind its competitors Facebook. Now the com

News

Yahoo Messenger Will Shut Down On July 17th

4 min read  

Sadly, Yahoo Messenger service will be discontinued by 17th July 2018. Those who are still using this iconic messenger will be diverted to Squirrel, the next group messaging app. You have six months to download your chat history. All your chats will be mailed to you. In case you want to save anythin

News

The Upcoming iOS 11 Launch To Kill 1,87,000 Apps In The App Store

4 min read  

Apple is all set to release its next iOS update and the upcoming change is sure to have an impact on nearly 1,87,000 applications. The upcoming update of iOS 11, ready to go live next month will cater to an increased efficiency. Tech experts have claimed that old school apps will have a major dishev

News

5 Secret WhatsApp Feature You Probably Didn't Know About

4 min read  

WhatsApp caters to a billion users worldwide. The bad news? Your parents can have a sneak peek at what you are up to. And, the good news? You can absolutely stop them from spying you, of course, with the hidden tips and the tricks that the messaging service offers but you probably do not know about.

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH
Join our expansive network, build connections and expand your brand presence.