The essential company is in the news for all the wrong reasons. The popular tech portals had disclosed that the company has reportedly canceled the development of the Essential PH-2 because of acute financial crunch. However, Essential CEO Andy Rubin said in a leaked email that the company is currently working with bankers to raise money. He didn’t rule out the possibility of an acquisition but the company is surely not shutting down.
Rubin added that the company is on the path of winning and not whining. The team is not aware of the future of the company and will have to face the consequences as it comes. Rubin is reportedly planning to sell the assets to another company because of the cash crunch.
According to reports, one unidentified buyer has expressed interest in the company and the discussions are going in full swing. The reports added that the company is willing to sell the entire product portfolio, patents including all the current and future products of the company. There are reports that Google has expressed an interest and talks are going on. Interestingly, the Essential team consists of previous staff members of Google.
The possibility of Essential being acquired by Apple is slim because of the ecosystem. We all know that Apple specializes in iOS platform and there is no scope for the company to get acquired by them. With the shut down of essential PH-2, the company is currently focusing on the development of a smart home product expected to go on shelves next year.
According to estimates, nearly 150,000 Essential phones have been sold so far and the company has slashed the prices after the initial launch. The handset currently retails $499.99 on Amazon with an option to pay on the installment basis at $100 for 5 months. Moreover, you will be able to avail a discount of $50 upon approval of the Amazon Rewards Visa Card.
