At the end of July, the growth story of Graz startup App Radar took a hit. The startup, an app marketing and analysis platform, was forced to declare bankruptcy with liabilities amounting to nearly 2.8 million euros.
But now the startup, founded in 2015, can inspire hope again. “We went through really difficult times. But now we are happy and hope for a half-happy ending,” said App Radar founder Thomas Kreibernig in an interview with the newspaper Klein Zeitung. The reason for the improved mood is the entry of the American company SplitMetrics. This is a result of the insolvency proceedings that took place opened which was carried out in close coordination with the insolvency administrator.Americans spend a seven-figure sum.
“Two-thirds of the team remains.”
With the entry of SplitMetrics, the restructuring plan’s 30 percent quota will be met, and on the other hand, a significant proportion of App Radar’s employees will be retained. “Two-thirds of the former team are still there,” says Krebernig, who now wants to focus forward again. The acquisition could create “the largest platform for AI-driven services such as paid user acquisition (UA), app store optimization (ASO), conversion rate optimization, and data analysis,” the two companies say.
SplitMetrics and App Radar will continue to operate as separate brands, serving more than 1,000 customers in Europe, the UK, North America and Asia.
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