App discovery platform and marketplace MobileApps.com has shut-up shop, with the company stating that it is now looking to “focus on a much larger global online advertising industry”.

It also said it is putting its domain name (as well as MobileAds.com) up for sale, seeking offers “from high six-figures only”.

In a statement, the company said that “after a year building out the solutions, the company realised that the market for developers is just too small for it to grow into a sizeable company”.

Alvin Koay, CEO and founder of the company, said: "We have a great technology and it does not do justice to it by just focusing on a small market. Instead, if we were to re-purpose our solutions for a much bigger industry, it makes more sense. The app discovery niche is only a small subset of the online advertising market. Therefore it is a much bigger opportunity to deploy our technologies in somewhere larger."

According to TechCrunch, a “big company” is currently negotiating a deal for the domain.

MobileApps.com launched as a cross-platform app marketplace last year. The company has now started building out a “DIY interactive rich media ad creation tool”. It is currently in testing mode, and will launch in a few weeks “as RichMediaAds.com”.