Three or four CEOs over the last five years. The CEO from from 2009 to 2011 cut expenses so that the company could be profitable but was unable to get product improvements completed and had little idea on how to get a new product to market. mBlox has operated with an aging technology platform and has not had a new product for years. Numerous upstarts have overtaken mBlox in the area of mobile payments as mBlox focused strictly on premium SMS and enterprise one-way messaging. The CEO that started in 2009 was not good at fostering communication throughout the company and in fact discouraged it with a "need to know" basis. There were numerous employees with extensive backgrounds prior to mBlox that could have helped get new products to market but he failed to learn more about the backgrounds of the existing employees and wasted money on acquisitions of IP that could have easily been developed under the leadership of several existing but under-utilized employees.
mBlox now has tight budget constraints and recently laid-off employees because of falling revenues in the PSMS space. They have several new products that should be released in 2012 but it is unlikely they will be anything revolutionary and will likely be "me-too" products.
