An MBO sees the stricken browser and file-viewer firm back in business.
Picsel’s management team, led by founder and former CEO Imran Khand, announced today that it has purchased the Picsel Group of companies out of administration, and will continue to operate the business as a going concern.
It also stated its intention to keep the firm in Scotland and to re-establish its product line and working relationships.
Khand said: “We believe our overall financial package for the company was by far the best solution to take this business forward while also solving for interested parties, including employees.
"It is our intention to continue running the global headquarters from Glasgow, where we will re-establish a leading enterprise which will continue to support the Scottish ICT sector”.
It will be interesting to find out how Picsel sees its future. The company made a flying start in the early part of the decade with file-viewing and browser technology that it embedded with Asian handset companies and operators, notably Samsung and NTT DoCoMo.
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It was extremely successful, and Picsel was rumoured to be the subject of a big-money acquisition by Google. Instead, it opted for an IPO, which never came.
More recently, the company tried and struggled to re-invent itself as a channel provider for brands seeking to build a mobile presence.
ME will provide more details in the coming few days.
