MobiHand Nearing Bankruptcy, Not Paying Developers, Up for Sale?
The other day BlackBerryCool unveiled an interesting article regarding MobiHand and a developer. If you’re unfamiliar with MobiHand, they were at one time the best way to buy apps for your BlackBerry. That it, until RIM launched BlackBerry App World. MobiHand was never able to fully recover from all the major mobile platforms moving to their own app stores.
According to the report, MobiHand has been suffering some cash flow problems. A development company called Mobile-Stream is claiming MobiHand still owes them $163,976 in revenue generated since July. Other developers are starting to come out and claim they are still owed payments. Many prominent developers have started pulling their apps and themes from MobiHand. However, some developers say MobiHand refuses to delete their products and still allows for their sale. Where is that money going?
Nonetheless, after this report went live, MobiHand issued a blog post titled “MobiHand Evaluating Strategic Alternatives”. Here they announced their pursuit for a possible buyout. Here’s what the blog post stated:[quote]MobiHand was founded seven years ago by software industry veterans committed to providing responsive and cost-efficient services to developers of mobile applications.
Through that entire period of time MobiHand has maintained a nearly perfect record of supporting and paying developers on a timely basis. With increased competition from very large, well-capitalized companies such as RIM and Google, in 2011 MobiHand has seen the need to invest heavily in developing new, differentiated services.
These new services combined with several new partnerships with large companies will result in revenue growth in the coming year. But developing and launching these new initiatives has created significant financial strain.
As a result, MobiHand is in the process of evaluating strategic alternatives which may result in the sale of the company to a larger, more well-capitalized partner. We expect this process to be completed before the end of this year allowing us to fulfill our obligations to all of our partners.[/quote]
If you have any apps saved in your MobiHand account, you may want to look into moving them in some way. If you don’t, they may be lost, should MobiHand not get bought out and goes under.