Powa Technologies
Powa Technologies Logo
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| Founder | Dan Wagner |
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| Headquarters | Heron Tower, Bishopsgate, London, United Kingdom |
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| Website | www |
Powa Technologies was a UK-based technology company, known for its commerce, mobile commerce and e-commerce services. The company’s flagship product was the mobile application PowaTag. In February 2016, investment company Wellington Management appointed professional services firm Deloitte as administrators of Powa Technologies.
Powa was founded in 2007 by British entrepreneur Dan Wagner. The company is attributed as receiving the largest Series A funding round for a technology start-up, collecting $76 million in August 2013. The investment attracted the attention of David Cameron. In June 2014, Powa Technologies acquired Hong Kong business MPayMe and its ZNAP technology. Following the acquisition, Wagner suggested that Powa had an enterprise value of $2.6 billion. Powa technologies also partnered up with Iconnect pos to distribute products in a bundled package.
In 2015, they announced that their planned £1.6 billion float would be put on hold until the following year.
As of early 2016, the company had run into financial difficulties, missing payments to staff and third parties. Its Hong Kong office had failed to pay its employees wages on time and to its ex-employees within 7 days, with some of the employees having to seek help from the Labor Department.
On 28 January 2016, Alessandro Gadotti became CEO of PowaTag in the effort of restructuring the business. During the administration he also served as interim CEO for the Group supporting the process and the sale of the companies in the group.
On 19 February 2016, Powa Technologies was placed into administration and on 23 February 2016 Powa Technologies made 74 of its London-based staff redundant.
On 24 February 2016, Powa Technologies filed for bankruptcy and laid off most of their employees
On 25 February 2016, Business Insider revealed that most of Powa's 'contracts' had in fact only been non-binding Letters of Intent
On 2 March 2016, Sky News revealed that two of Powa's core businesses, PowaWeb and PowaTag, have been sold. Under separate deals, PowaTag has been sold to a private consortium, while PowaWeb has been sold in a buyout backed by Greenlight Digital, a UK-based digital group whose interests include Greenlight Commerce Platform and OneHydra for SEO.
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Wikipedia