CricHQ tipped into receivership after struggling to convert interest into sales
By Paul McBeth
Oct. 18 (BusinessDesk) - CricHQ, the cloud-based cricket software developer, has been tipped into receivership after failing to convert interest in the product into commercial success.
KordaMentha's Neale Jackson and Brendon Gibson were appointed receivers of the Wellington-based company yesterday by the secured creditor at the board's request, and have been tasked with putting the business up for sale, they said in a statement.
"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," chair Kevin Roberts said. "The constantly evolving sports media and data marketplace has made it difficult to convert serious interest into investment."
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.
KordaMentha's Jackson said the company ran out of options to cover its working capital needs, and that the receivers are "currently assessing the options that are available to optimise the value of CriHQ's assets."
CricHQ employs 22 staff in New Zealand and operates subsidies in the UK and India.
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.