Unlockd’s and my next chapter
I founded Unlockd in 2014 with a vision that now and into the future, the mobile unlock screen would be the most valuable media real-estate in the world and that people were ready for a new type of relationship with advertising. It seems not only did the millions of consumers, Telco’s, content & gaming companies all around the world, sophisticated investors and 500+ advertisers agree with me, but so did the world’s largest technology and media company, Google, proceeding to destroy our operational business through its un-lawful anti-competitive behaviour before our imminent IPO.
Despite receiving significant judgements from both the English High Court and the Federal Court of Australia, we were forced to enter voluntary administration. When combining this with a fear of Google and its potential imposition on acquirers and the contracted time frame in which the voluntarily administration process failed to allow larger corporate companies to conduct a regular M+A process, the true value of the technology assets that we had proven was there has been substantially eroded.
At some time in the near future after final bids are tabled to administrators tomorrow it will be announced that the technology assets have been acquired by a party (or parties) who have taken advantage of that commercial situation, for a tiny amount of the cost of capital that’s been invested.
However, importantly by de-merging the technology assets from the company and litigation my fellow Unlockd shareholders and I have all retained our litigation rights to pursue damages for the significant financial losses that Google has caused.
Bleeding a small company out may have been a strategy to squash competition and win the first battle, however now with litigation funding being finalized as we decide on which of the multiple parties have offered to fund us, we will now have the resources to fight for our shareholders for as long as required, to return the value that is rightfully ours. We may have lost this battle, but certainly not the war!
On a personal note, the last few months have been extremely challenging and I can’t be more thankful for my family, friends, the Unlockd family and many of you who are reading this that have been a constant support to me professionally and personally.
For that, I wanted to pass on my sincerest Thank You.
As my operational journey has now ended with Unlockd, I’ll be now taking some time to re-group and determine what the next chapter in my personal and professional journey may look like.