Corrected: Picsel Management Complete Buy-Out; Staff Facing Redundancies

Correction: Picsel has now been in touch to say that the MBO was not funded by Samsung, as the Reg reported and their answer to us appeared to confirm. The company does have deals with Samsung, among many other mobile companies, but the funding came from other sources.

Update: Zubair Salim from Picsel contacted us to confirm that the MBO took place and was funded by Samsung. He also confirmed there is a restructuring process underway, but he didn’t confirm or deny any redundancies taking place. As for the company’s objectives now, he says: “We are confident and assured of continuing business from these large global players… and we are very confident that we will be able to build on our 200m unit installed base with new contracts being finalised before the end of this year. We will also concentrate on pushing our products out onto mass market handsets, with particular focus on the far eastern market.”

Original: Mobile software Picsel may have survived entering administration with a near-£20 million management buyout earlier this month (via The Herald and the release), as CEO Imran Khand led an eight-person team in buying the company from administrators PwC. But now the Reg reports that the financing comes from Samsung. Also, according to the Reg, the company is making 29 of 50 of its remaining staff redundant. The Herald reports that PwC made 35 redundancies in July.

The 11-year-old Glasgow-based firm has offices in Japan and Korea and counts Nokia (NYSE: NOK), DoCoMo (NYSE: DCM), Sony (NYSE: SNE) Ericsson (NSDQ: ERIC) and Samsung among its clients. It claims its software is now on more than 200 million handsets worldwide. Picsel declined to answer to our request for more details Thursday afternoon, and Samsung said it is getting back to us — we will update when we hear anything from either.

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