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Modu to lay off employees after failed IPO attempt

updated 07:05 pm EST, Thu November 18, 2010

Most employees to be laid off

Israel-based cellphone developer Modu has announced that most of its employees will be laid off after the company failed to establish an IPO in Tel Aviv. Despite the bleak outlook, founder Dov Moran has expressed hope that the company will succeed in raising money from "other sources of capital." The executive did not provide further details, however.

"We did not manage to persuade people that Modu has great potential, and that hurts a lot," Moran said. "It's my failure."

The company recently unveiled the Modu T, which holds a Guiness World Record as the lightest touch phone. The device featured a modular design, with detachable components for the camera, speakers, and QWERTY keyboard. An Android-based variant, the Modu W, was expected to launch sometime next year.

Moran insisted that the failed IPO attempt was "not the end of Modu," as the company will continue to sell its existing products. [via Globes]

by MacNN Staff



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