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Looks like SmartOffice is nearing the end - according to Companies House, they are in administration.
Sad day - best wishes to former colleagues.
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Imran and Majid will want to pay as little as possible with a "take it or leave it" bid.
I thought Picsel Tech owed MDV 20+ million dollars?
This is on top of whatever Imran got out of them when Picsel UK collapsed.
The clock is ticking here. If Imran and Majid can't get it together there will be more redundancies.
@IK+ - I question some of your figures.
Let's say there's 15 non-family people in the company. A couple of K each - let's say 3K, is £45K.
If I remember correctly, when Picsel when under the first time, MDV was owed well in excess of £1.5M. I suspect they're looking for more than 3p in the pound...
Also unfortunately it seems unlikely that a £45K offer from the employees would trump other offers on the table. eg. £45K is probably under what some customers are paying in annual royalties so that makes it worthwhile them bidding.
That said, it seems like there are other bidders around, if the employees joined together and got a bit involved, they could well influence which bidder is successful. They might even be able to form some kind of profit sharing deal with MDV - ie. MDV get £45K, but also the lion's share of the profits over the next 3 years too. Problem is you'd really have to find a new CEO from somewhere.
An employee buyout is the only sane solution. They would get the company IP, be debt free and also free of dead wood management. Probably only cost them a couple of k each.
O my goodness! We look forward to updates on this. such a situation would surely lead to the final solution for Picsel and its orbit of subsidiaries, global relationships and nefarious off shore incorporations in Sardinia, Cypress, Guernsey and back again. here's to the old time culture that worked to push the Picsel solution in spite of the founders, SMT, investors and consultants striving to do everything contrary to the stated mission while scheming their own short-sighted outcomes. in the end, none of them made out and neither did any of the employee teams. the stink of being associated with the Picsel experience leaks onto everyone still employed there, still seeking employment after leaving there and those already having a successful "after Picsel" career posting. what we can never escape is the stink the ex-picselites' and our families suffer to this day and in to the future.
The parent company Picsel International is in administration too allegedly.
@ Not in Kansas anymore -
now THAT would be a "SMART" Office!
@ Colin MacDonald -
That is Maxwell Smart. Here is Maxwell AND "Agent 99" together.
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