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Balluun Management insolvent
The success dried up
"Monetize your Community" is one of the catchphrases of Balluun, Zurich. They managed to do that for themselves, initially, but then the success dried up: Balluun Management, a company launched with big claims, much premature praise and some eminent financial backers, is insolvent. The AGM, scheduled for June 27, 2019, has been cancelled at short notice. The holding company is being restructured. The provider of social e-commerce solutions for the B2B market started up in 2013. As late as March, Roger Müller, CEO since January 2019 after Roland Kümin resigned at the end 2018 under pressure from major shareholders, stated in an interview with "Moneycab" that Balluun was about to launch a solution "a bit like Linkedin, Facebook and Alibaba rolled into one". According to "NZZ", Balluun had forecast sales of 250 million Swiss francs for 2019 even though cessation of cooperation with the UK company Informa in 2018 had resulted in a serious setback in the core business. The company achieved around eight million francs in sales last year according to NZZ, but that was mainly due to the software company Saigara acquired in Summer 2018. Sales in the B2B core business was only a few hundred thousand francs. According to Müller, the company has raised 24 million francs in a number of capital increases since its foundation. Development and instalments for purchasing Saigara necessitated fresh funds, but only a tiny percentage of the new issue was actually subscribed. The employees of Balluun Management, a Balluun subsidiary, have been laid off. The Balluun holding also owns Balluun USA. Shareholders are considering legal action against the executive management and board of directors: Many small shareholders were also taken in by the overconfident promises of the Swiss start-up.