Australian music streaming company Guvera is departing from its native market in order to focus its efforts on emerging markets.
The decision comes hot on the heels of CEO Darren Herft’s resignation earlier this week, after two of the company’s subsidiaries, Guv Services and Guvera Australia, went into administration. This resulted in the loss of around 40 jobs from its local operation
Herft has been temporarily replaces in the role by co-founder Claes Loberg.
The company will now turn its attention to the Indian and Indonesian markets in a move to reverse its fortunes. Shareholders were advised of the firm’s decision to quit the Australian market in an email late yesterday.
Guvera was recently denied permission to list on the Australian Securities Exchange, where it hoped to raise up to $80m.