PE-backed NZ cricket platform goes into receivership

Representatives of Korda Mentha have been appointed as the receivers, according to a filing. They will attempt to find a buyer for the business, which employs more than 22 people in New Zealand, along with additional employees at subsidiaries in the UK and India.

Founded in 2009 by Simon Baker, CricHQ has received support from several high-profile figures in the professional cricket world, including former New Zealand team captains Stephen Fleming and Brendon McCullum. The business was launched as a cloud-based cricket scoring platform and expanded into competition management, administration, statistics, data collection and predictive scoring.

CricHQ has raised more than NZ$20 million ($14 million), including Tembusu’s $10 million investment in 2015. The company has been trying to raise additional capital since last year, but has been unable to secure enough investment to cover its working capital requirements and meet its growth targets.

“The constantly evolving sports media and data marketplace has made it difficult to convert serious interest into investment,” said Kevin Roberts, chairman of CricHQ.

“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.”

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• Topics
• Australasia
• Media
• Technology
• Write-off
• New Zealand
• TMT
• Tembusu Partners