Concussion management technology company, HITIQ Limited (ASX: HIQ) has entered into a Share Purchase Agreement to acquire all of the issued shares in CSX Limited.
CSX Limited is a New Zealand based company that provides class leading concussion assessment technology through its application software to over 800 global Elite and Consumer customers, representing 45,000 users.
The technology works by simplifying the collection of comprehensive, objective and player-specific concussion assessment data within a cloud-based application. The data can be reviewed and shared with health care professionals to assist in their evaluation and healthcare recommendations.
The CSX concussion assessment business has annual revenue of A$430,000 and represents: > 100,000 concussion assessments performed on the CSX platform; > 45,000 users globally; > 60 competitions & leagues globally; and > +800 customers; ▪ +600 in elite market; and ▪ +200 in consumer / school market.
CSX is currently used by several professional sports associations globally including World Rugby, National Rugby League (NRL), Australian Football League (AFL), New Zealand Rugby, New Zealand Cricket, and the England and Wales Cricket Board (ECB).
HITIQ CEO, Mike Vegar, said the acquisition of CSX forms part of HITIQ’s growth plan and will fast-track the Company’s technology platform development.
He said that importantly, the strategic acquisition of CSX, will deliver:
- Accelerates development of the HITIQ ecosystem. With over 45,000 global users, CSX delivers scale through data, customers and functionality which is aligned with HITIQ’s platform development strategy to build a comprehensive end-to-end concussion management eco-system.
- Adds compelling value to the HITIQ product offering CSX global customer base will accelerate HITIQ’s growth strategy by strengthening the offering to existing customers and partners, as well as acquisition opportunities in new markets.
- Enhances commercial opportunities for sustainable revenue growth Integrating CSX will be accretive to revenue growth by building a meaningful global customer base that is using HITIQ’s leading concussion management technology to deliver best-in-class player health outcomes.
We are thrilled to add the CSX class leading product to our technology ecosystem,” Mr Vegar said.
“The addition of CSX to the HITIQ platform will strengthen our growing networks around the world, while supporting our current partners with a streamlined and consolidated approach to concussion management.
“CSX is the first step in extending our platform not only in the elite sports market but also providing a clear pathway into community sports. We look forward to working with Ed and his team in helping scale his vision and ultimately assist customers drive better health outcomes for their players and children.’’
