Appster goes broke
This is clearly a massive asset that a smart app dev have the opportunity of acquiring .
How and Why did this happen ?
Lack of sales
“The collapse was due to a “sharp drop” in work available over the last six months, leading to the business missing targets and losing revenue.”
“What they designed didn’t work, it was kindergarten stuff, So we terminated the contract and asked for a refund, but they were unable to repay it and put us on a payment plan instead.”
More money going out than coming in
Employing 400 people without regular revenue can be dangerous
“We missed forecasted sales targets by around 50 per cent four months in a row. With expenses of roughly $1 million a month our cash reserves were depleted very rapidly despite attempting cost reductions.”
Lack of management and technical capability
Competitor and potential acquisitor Anushka Bandara, founder of rival app development company Elegant Media said “When you are a tech business just marketing is not enough, you have to have that management and technical background to be successful.”
Great opportunity for another App developer
“We are willing do a free assessment for all existing Appster customers and provide a report on where the project is at, what stage it has been delivered, how long it’s going to take and the cost to complete.”
Despite the liquidation, the founders of the business are still active on LinkedIn, with Humphrey Posting