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

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

By Rebecca Howard

Dec. 13 (BusinessDesk) - 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)

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