Quadriga
Background
In February 2019 Hilco Streambank was appointed by Ian Robert and Chris Purkiss of Kingston Smith & Partners as the Joint Administrators of Quadriga Holdings Limited (in Administration) and Quadriga Worldwide Limited (in Administration) (together “Quadriga” or the “Companies”) to actively seek interested parties with regards to the sale of the business and assets of the Companies.
Quadriga is a leading provider of hotel entertainment software solutions, established in the field with high-profile customers including Marriott International. Quadriga’s Sensiq software serves over 100,000 hotel rooms globally and its long-standing integrated relationships provided significant recurring contracted income.
Assets available for sale included the lucrative contracts Quadriga holds with major names in the hotel industry, the Sensiq in-room entertainment sphere, brand assets and the Companies’ servers and hardware, integrated at customer sites related to the Companies’ operations and technology platforms.
The Process
Hilco Streambank developed a marketing program designed for the sale of the business and assets of the Companies. We identified and highlighted value in the full range of assets, and developed marketing documentation to assist in our process. We issued this documentation to a bespoke database of potential buyers and listed the Quadriga opportunity on our website.
Further elements in our comprehensive sale and marketing exercise included the management of data room, due diligence and the bidding process.
Outcome
Following several offers being received, we successfully completed and coordinated to swift completion a deal with Mimir Invest AB, a global investment firm acquiring mature and growing companies.
“We are highly excited about this strategic acquisition in the software as a service space. Combining Mimir’s deep technology and investing expertise with the high quality staff, installed base and technology of Quadriga, means there are very few limits of what we can do with the business. Mimir is the ultimate buyer of the company, bringing experienced hotel entertainment software expertise to Quadriga.”
– Jeff Bork, Managing Partner, Operations, Mimir
