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CricHQ in receivership

Contributor:
Fuseworks Media
Fuseworks Media

Wellington-based data technology company, CricHQ Ltd, has today been placed into receivership. CricHQ’s app is a global digital platform offering cricket fans live game viewing, data management, content generation and more recently, cricket administration and competition management for clubs. KordaMentha partners, Neale Jackson and Brendon Gibson have been appointed Receivers.

CricHQ claims to record one in every 10 balls bowled in organised cricket globally.

The Company’s chairman, Kevin Roberts, and its board are fully supportive of the receivership process in the circumstances.

Roberts said "Over 7 years and with over $20m invested to date, CricHQ has developed award winning technology - not just a cricket scoring app, it has now advanced to other areas such as competition management, having signed agreements with more than (50) of the world’s cricketing bodies.

I have been involved with CricHQ for only 10 months, and have been disappointed that we were unable to successfully monetise our much used and respected platform.

Despite innovation, technical development and new business wins, the company has been unable to attract sufficient investment capital to fund its accelerating growth. The constantly evolving sports media and data marketplace has made it difficult to convert serious interest into investment. CricHQ has been - and continues to be - in discussion with a number of global cricket stakeholders but the deal-making process has been complicated by the rapidly changing market, and today the cash-flow demands of the pace have exceeded the Company’s capacity to progress. In these circumstances, the directors have asked CricHQ’s secured creditor to appoint receivers to run a sale process."

Mr Roberts confirmed that he will be working closely with the Receivers to transition the business through a sale process and ultimately to a new owner who has the resources required to capitalise on CricHQ’s full potential.

Receiver, Neale Jackson says the company has effectively exhausted its options to secure its working capital needs. The Company employs 22 staff in New Zealand. The Company also has subsidiaries in the UK and India.

"We are currently assessing the options that are available to optimise the value of CricHQ’s assets" Jackson said.

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