Hi Everyone,

It is with the deepest regret that we hereby announce the decision to cease all operations for the Squiryl platform.

The idea for Squiryl first came about in May of 2011. At that time, my Co-Founder Alan Lee and myself were able to raise some funds internally from some friends and families. After 7 months of developments, the first beta for Squiryl was launched in January 2012, and the official platform was launched two months later in March.

During this time, we were fortunate enough to be selected to take part in Demo Asia 2012, Startup Asia, and was also one of the 50 startups selected for the Startup Marketplace at Echelon 2012. By July 2012, we successfully rolled out our POS (Point of Sale) module and was able to work with multi chain brands like Sakae Sushi and Cafe Cartel.

While we were able to grow our user base to more than 50,000 by Dec 2012, one thing became very clear: 1. This is not the model that we wanted to achieve, and more importantly, 2. We could not sustain the model that Squiryl is turning into.

From day one, our vision was for Squiryl to be a self serve model where any merchants that see the benefits of a mobile loyalty platform could just go online, set up their own account, and start using the platform to serve their users. However, as we started rolling out the platform, it became apparent that this will never be the case. What initially was to be a scalable model with little or no sales people involved, became a resource intensive operations involving full time sales and support staff. And that was just the problems on the brand acquisition side. There are then other issues like user acquisitions, infrastructure readiness, etc. All these became more obvious as we started to roll out in Indonesia.

So with this, it has come to the inevitable conclusion that faced with the current situations, Squiryl will not be able to continue to function and serve both merchants and users in a manner we deem proper and professional. As such, I personally feel that the best option is to cease all our operations.

We will officially stop all operations on 15th April 2013. And Squiryl users can redeem any outstanding token before 31st May 2013. Please feel free to email me directly, and I will try to reply as many as possible.

Kind Regards,

Mulyadi Syariffudin
CEO, Squiryl