Sharechat Logo

CricHQ's business and assets to be sold to NZ investors, settlement in January

Wednesday 13th December 2017

Text too small?

CricHQ, the cloud-based cricket software developer, and its assets will be sold to a group of New Zealand investors for an undisclosed amount, say receivers Neale Jackson and Brendon Gibson of KordaMentha.

CricHQ was tipped into receivership in October after failing to convert interest in the product into commercial success and the receivers were tasked with putting the business up for sale. 

The sale, which is due to settle in January 2018, includes the core CricHQ platform and its global partner services, My Action Replay and Total Cricket Scorer.

CricHQ was incorporated in 2009 and over that time has attracted more than $20 million in equity capital. The cloud-based platform has expanded from a cricket scoring app to cover game coverage, content generation of matches, and data, analytics, administration and competition management for clubs. It employs 22 staff in New Zealand and operates subsidies in the UK and India.

“The successful sale of the business will provide certainty for CricHQ’s customers around the world. It is pleasing to secure a sale in a short time, minimising any risk of disruption for users during the Southern Hemisphere cricket season," Jackson said in a statement.

The terms of the sale are confidential. 

Moneybaker Holdings, an entity associated with founder Simon Baker and former New Zealand cricket captains Stephen Fleming and Brendon McCullum, is CricHQ's biggest shareholder with a 42 percent stake.

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares up 1%, led by Fisher & Paykel, Kathmandu, Spark
NZ dollar heads for 2% decline as resurgent US yields stoke greenback demand
Former Abano shareholders ordered to pay $429k in disputed takeover costs
Seeka shareholder Farmind to cut stake to reduce foreign ownership
Summerset opens Melbourne office as it looks to Australia for growth
Lees-Galloway signals broader health & safety targets in draft strategy
Veritas in refinancing negotiations as ANZ extends debt for a fourth time
ComCom embarks on fibre study to get a handle on looming new policy framework
NZ posts first trade deficit for March month in 10 years as fuel imports surge
NZ log export market picks up after slowdown ahead of Chinese New Year, traders optimistic

IRG See IRG research reports