Guvera Australia goes into Admin
In the competitive streaming space, Gold Coast based Guvera has had a rocky few years, today they appointed administrators.
While they passed 10 million users worldwide last year, Guvera Australia Pty Ltd and Guv Services Pty Ltd have entered voluntary administration, effective today.
The decision is a direct result of the move by the Australian Stock Exchange (ASX) to block Guvera’s planned IPO earlier this month.
Labeled a ‘strategic review’ by Guvera Limited, the Gold Coast-based global platform has appointed Deloitte to lead an international restructure. Deloitte hopes to provide “financial assistance for Creditors” of Guvera Australia and Guv Services.
According to Guvera’s statement, it intends to continue to operate in its home market of Australia.TMN has reached out to Guvera with a request to elaborate.
The focus is now on its emerging markets for the short term, including India and Indonesia as well as the United Arab Emirates (UAE), with a longer term objective for the Philippines and Vietnam.
Yemee Fernandes, commercial director APAC at Guvera, said in a statement: “We take with us a highly scalable platform that caters to brands as much as it does for music lovers, artists and rights holders.
“We offer our product in markets where smartphone adoption is growing rapidly alongside digital mobile advertising spends.”
Guvera – who reported multi-million dollar losses for the ‘14 and ‘15 financial year – was hoping to raise between $50 million and $100 million, at a market valuation of $1.3 billion, with a $1 per share offer for potential investors.