Unlockd Postpones IPO As It Faces Vicious Court Battle With Google
adtech start-up Unlockd has announced it is postponing its listing on the ASX as Google looks to ban the platform’s app on its Google Play store.
In a statement on its website, the self-described “attention-based mobile rewards platform” confirmed it has applied for an injunction with the UK High Court to prevent Google from disabling AdMob-generated advertising content and removing Unlockd’s app from the online store.
“Unlockd’s legal counsel has confidence that the threats made by Google to withdraw access and the supply of services in respect of Google Play and AdMob represent an abuse of its dominant position and breach of competition rules,” the statement said.
“It is particularly striking that Google’s warnings emerged at a time of speculation around an Unlockd IPO in mid-April 2018.
“Google’s anti-competitive conduct is preventing Unlockd from raising capital to continue its rapid expansion and innovation, and therefore protecting Google from a growing and potential competitor.
Unlockd said the IPO has been delayed until the matter has been resolved.
“Notwithstanding the legal action, we continue to explore all possible avenues to find a solution that works for both parties and avoids unnecessary disruption to our partners and customers,” it said.
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