AR tech company enters administration

Thu, 20 Dec 2018 | ADMINISTRATION



An augmented reality technology enterprise, whose technology was used in the production of the BBC’s Planet Earth II series, has fallen into administration over funding disputes.

Blippar, widely recognised as one of the country’s tech “unicorns” for being a start-up business worth more than US$1 billion, is said to have collapsed “effectively as a result of an alleged dispute over continued funding.”

Insolvency specialists David Rubin & Partners have been called in to handle the administration process, with partners Paul Appleton and Paul Cooper appointed as joint administrators.

A statement released by the insolvency firm said: “Following their appointment, the administrators are now exploring all possible options for the future of the business for the benefit of all stakeholders.”

Blippar was established in 2011 by Ambarish Mitra and Omar Tayeb, and at the height of its ventures, employed 300 people and was valued at US$1.5 billion. The company raised the majority of its finances from investors Qualcomm and a sovereign wealth fund from Malaysia.

The company itself champions augmented reality technology, which allows users to point their phones at inanimate objects and use Blippar’s app to convert it into an animation, offer useful information, or conjure an advertisement.

However, what was once considered to have the most ground-breaking technology with the most potential to thrive in the UK’s tech space, Blippar now competes with a range of other companies which offer similar platforms and services.

As alternative options are being sourced for the business, a Twitter post from Blippar said: “We are saddened to announce that Blippar has gone into administration today.

“We’re eternally grateful to all our team members, customers, partners, our board and investors who have been with us on this incredible journey.”

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Major Innovator of Job Search Technology & Related Platforms
East of England, UK

One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...

Asking Price: Offers Invited
Turnover: £3,400,000

B2B Online Retailer & Reseller of New & Used Parts for Apple Computers & Devices
UK Wide

B2B online retailer & reseller of new & used parts for Apple computers & devices, in addition to providing a flexible and comprehensive in-house repairs and upgrade service to client-base located UK-wide and internationally. Preferred supplier status...

Asking Price: Offers Invited
Turnover: £700,000

Unique Technology Company
UK Wide

Has a very strong track record in the design, development and manufacture of high-quality and high-performance communications products including Internet of Things technologies and products with high growth potential and extensive alternative uses. O...

Asking Price: Offers Invited
Turnover: £1,000,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
07
 
Mar
 

MBO completed at Nottingham IT supplier | MBO/MBI

A Nottingham-based firm that provides IT solutions to a rang...

 
19
 
Feb
 

Jamie Oliver restaurant group considers selling Barbecoa chain | BUSINESS SALE

The Jamie Oliver restaurant Group has confirmed that it is l...

 
08
 
May
 

Radio Times publisher to be put up for sale | BUSINESS SALE

Immediate Media, the publisher of Radio Times, BBC Top Gear ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources