Page last updated at 15:33 GMT, Thursday, 16 July 2009 16:33 UK

Technology firm in administration

Mobile phone
Picsel specialises in mobile phone technology

An award-winning technology company has gone into administration, it has been confirmed.

Picsel said the move was triggered by cash flow problems caused by customers delaying new product developments as a result of the economic downturn.

The company has its headquarters in Glasgow and offices across the Far East and the US.

Picsel employs about 90 staff in Scotland, with a further 40 employed overseas.

Mobile solutions provider Picsel, which won the Queen's Award for Enterprise last year, was established in 1998.

Its software can be found on over 250 million devices worldwide, with customer brands including Motorola, Nokia, Palm, Samsung, Sony Ericsson and Sharp.

'Strategically important'

Graham Frost of administrators PricewaterhouseCoopers said he hoped to sell the business as a going concern.

He added: "The group has grown successfully over the last 10 years and is well regarded by its customers.

"Unfortunately, in this economic climate, it has proved harder to secure sequential contracts and as a result the group's income stream has stalled.

"Our immediate focus will be to review the business and create a new cost and funding structure. We believe this presents an opportunity for an industry player to acquire a business that is strategically important both in terms of technological expertise and creativity.

"With the support of key customers, we hope to trade the business for a period of time whilst a buyer is sought."

In February, Picsel announced it planned to sue Apple over technology found in the iPhone and iPod Touch.



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