We were the first to report of a possible shut down of mobile payment system Stratos on Sunday. We reached out to the company for comment but received no response. Techcrunch also reached out to the company and did receive a response. According to the founders, the last round of funding for the company fell through and they were in the midst of making a deal that fell through. The current deal with Ciright One emerged yesterday and they felt it was the right path for the company and its customers.
Stratos isn’t dead yet. The Michigan-based startup just signed an agreement with Ciright One LLC to take over the fledging company. Under this agreement, One will manage and fulfill all outstanding consumer and commercial and Thiago Olson, Stratos co-founder, ensures me that Stratos Cards will continue to function as normal and there is a plan to return customer support in the coming weeks. Terms of the agreement were not disclosed.
As Techcrunch says, the terms and details were not disclosed so we’re not sure if Stratos is going to remain a standalone product or be assimilated into Ciright. The important thing here is the Stratos customers. The company at least seems to want to do the right thing by their customers and fulfill their end of the agreement between them — though some would say Stratos’s execution of the whole situation might have been mishandled. You can head over to Techcrunch to read more details and their commentary.
What do you think of Stratos’s deal with Ciright One? Are you a current customer? Have you been contacted by either company yet? Let us know in the comments below or on Google+, Facebook and Twitter.[button link=”http://techcrunch.com/2015/12/22/stratos-sells-to-ciright-one-to-avoid-collapse/” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: Techcrunch[/button]
Last Updated on November 27, 2018.