LoopUp Group, a U.K. communications-services provider, has announced its decision to exit its Hybridium business. The company expects to save approximately 2 million euros in cash costs and debt over the next 12 months as a result of this move. LoopUp Group remains confident in meeting its current 2023 market expectations.
Shifting Focus to Cloud Telephony
LoopUp Group has decided to redirect its financial and operational resources towards its cloud telephony business. The company believes that this strategic decision will prevent any compromise caused by the requirements of the earlier-stage Hybridium business.
Application for Administration Process
In line with this decision, LoopUp Group has filed an application with the Madrid courts to place its subsidiary, Mashmegroup SL, into an administration process. This step is part of the company's efforts to streamline its operations and concentrate on maximizing the value of its fast-growing multinational cloud telephony business.
While LoopUp Group acknowledges the potential value of the Hybridium technology, it has deemed it necessary to exit the business in order to align with its broader groupwide strategy.