According to an insider, executives at WAP portal MOABC have quit due to disagreements with investors over a new round of funding - leading also to cashflow problems and unpaid salaries for staff.
LENS: MOABC landed USD 7 mln in strategic investment from PacificNet (Nasdaq: PACT) in return for a 20% stake in October 2006 (see WAP Website Moabc Obtains VC Investment," MW 11/03/07 issue). In a telephone interview with Marbridge, MOABC also recently revealed that it has reached additional funding agreements with several VC firms that have not yet been publicly announced.
As of August 2007, MOABC claimed to have 18 mln registered users, or which 12 mln were active users, and 160,000 peak concurrent users, 100 mln page views and 800,000 unique views per day. Currently VAS services generate a little over 50% of the company's revenues, with mobile advertising fees accounting for the remainder.