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Australia's Unlockd opts for voluntary administration, blames Google


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Australia's Unlockd opts for voluntary administration, blames Google

Australian tech startup Unlockd Media Pty Ltd. has entered into voluntary administration, saying anti-competitive actions from Alphabet Inc. unit Google Inc. prevented the company from raising sufficient funds to proceed, according to The Australian Financial Review.

Plans for an IPO were scrapped in April after Google reportedly threatened to pull Unlockd's app from its Google Play Store and AdMob advertising marketplace for violating the tech giants' policies.

Despite ongoing legal proceedings against Google, efforts to raise new funds were unsuccessful, which made Unlockd's board to decide June 12 to go into administration, according to the report.

Advisory firm McGrathNicol is reportedly guiding Unlockd on investment options and a potential acquisition.