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BlackBerry Forms Special Committee to Look for Buyers or Partners

The device maker, BlackBerry has decided on forming a special committee. This body will suggest various methods of taking the company to the top. One of the choices before it is the sale of the company to the highest bidder.

Aug 12 2013, 9:37am CDT | by

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BlackBerry Forms Special Committee to Look for Buyers or Partners
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BlackBerry Forms Special Committee to Look for Buyers or Partners

BlackBerry Forms Special Committee to Look for Buyers or Partners
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Many alternatives lie before BlackBerry in its quest to enhance its status. First off, it has ordered the formation of a committee to decide matters related to the company’s future. Joint partnerships and other paths lie on the agenda for BlackBerry. The firm is not naming any names yet though. The process is still in its preliminary stages. BlackBerry has weighed its options in the past. A year back, it paid for the expert opinion of Goldman Sachs. A lot has happened since then. The BlackBerry 10 has proven to be a white elephant of sorts. The market share is down to 2.9%. Android and Windows Phone have hacked away at the credibility of BlackBerry. 

At this stage in its evolution, BlackBerry is at a standstill. It needs fresh blood to supercharge its internal machinery. And to strike the iron while it is hot is always expedient. An array of strategic alternatives is spread out before BlackBerry. The formation of a special committee was a necessity too. While the company recently made $3 billion, it also faced a loss of $84 million. However, despite the downturn in fate, the BlackBerry czars are still realistically optimistic. For at least now everything has been put on hold. The committee will seek advice from J.P. Morgan. And the Canadian company will have to explore new channels of growth and regeneration if it wants to survive in the jungle of global competition.

President and CEO of BlackBerry, Thorsten Heins, states , "We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition. As the Special Committee focuses on exploring alternatives, we will be continuing with our strategy of reducing cost, driving efficiency and accelerating the deployment of BES 10, as well as driving adoption of BlackBerry 10 smartphones, launching the multi-platform BBM social messaging service, and pursuing mobile computing opportunities by leveraging the secure and reliable BlackBerry Global Data Network."

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest trends.

 

 

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