South African internet micro-jobbing service Money for Jam (M4JAM) is having its name resurrected more than three months after the owners announced the collapse of the platform due to failure to be profitable. By Staff Writer
On Thursday, Informal Solution Providers – a telco product distributor, announced its acquisition of Money for Jam.
Informal Solution Providers will trade under the name M4JAM.
M4JAM was unable to achieve profitability within the investment time frame, its CEO Andre Hugo, said in March 2016. He added: “We are in the process of meeting with a number of interested parties currently. If we are successful the business will be restructured. If not the business will be closed. Therefore we are urging jobbers to cash out their wallet balances.”
The acquisition helps turn Informal Solution’s plan to build an active ecosystem that attracts and retains members by virtue of its real and immediate value, into a reality. It also adds an exciting dimension to Informal Solution’s business plan by facilitating activation and growth in its existing one million active user base.
“We were looking to add product to our existing proposition and required a channel to reach our market more dynamically. We were building our own platform when we came across M4JAM. We then realised their application was a near perfect match to our requirements, but with a lot of added appeal,” said Andy Payne, Informal Solution’s chairman.
M4JAM matches micro-jobs with “jobbers” and allows jobbers to earn on the way to work, at work and while they sleep.
Informal Solutions says M4JAM’s existing community of 130 000 jobbers can expect several exciting new features and value propositions.
The platform will be enhanced over the next few months.
“In the meantime, Dunn encourages existing jobbers to complete the non-paid jobs. “We are crowdsourcing ideas around our re-launch. Our intention is to give our jobbers a voice and allow them to be part of the exciting new direction that M4JAM is embarking on,” said CEO of Informal Solution, Richard Dunn.