Belfast software firm Mobile Cohesion has ceased trading. The company, launched in 2002 by software industry veterans Denis Murphy and Richard McConnell, made software that enabled mobile operators to manage their relationships with content providers. A spokesman for Enterprise Equity, which had provided funding for the firm in 2006, confirmed that Mobile Cohesion had closed but could provide no further details.
Mobile Cohesion was set up in 2002 and raised $4.8 million in 2006. but…
The company had racked up accumulated losses of almost Â£10.7 million by the end of the financial year to March 31, 2007, up from Â£8.9 million a year earlier. This represented an increase of almost 20 per cent in the companyâ€™s accumulated losses.
Despite its losses, the companyâ€™s turnover increased significantly in the year to March 31, 2007. It reported turnover of Â£228,572, up from Â£41,097 in the previous year.
Its software uses internet tools to make it easier for mobile operators to roll out a range of multimedia services.
It’s a bit of a blow to the local market that a digital content operator failed but it’s worth spending time investigating why. Obviously having revenue of Â£228,572 when your operating costs are ten times that is one of those reasons – was the product wrong? Too early? Too late? Too specialised?