HITIQ Acquires CSX Limited
- HITIQ confirms strategic acquisition of CSX Limited;
- CSX is an industry leader in concussion assessment technology delivering best in class services to well-established customers in both Elite and Consumer global market segments; and
- The acquisition of CSX is designed to deliver:
- An accelerated pathway for the development of HITIQ's technology platform;
- Access to a new and diverse global customer base; and
- Enhanced functionality to strengthen and differentiate HITIQ's value proposition.
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 athlete-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$430k 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).
The acquisition of CSX forms part of HITIQ’s growth plan and will fast-track the Company’s technology platformdevelopment. 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 athlete health outcomes.
In consideration for the acquisition of CSX, the transaction terms include:
- HITIQ to acquire 100% of the shares in CSX;
- Acquisition price A$0.857M cash, with a further A$0.250M cash to be paid within 18 months of acquisition based on agreed KPI’s; and
- CSX founder Ed Lodge and two key developers will join HITIQ.
“We are delighted to join HITIQ, who we believe have market leading technology and a vision that is both exciting and meaningful. Our mission when we founded CSX was to help individuals better manage brain injury, and together with HITIQ, we believe our technology can reach the masses. We are excited to integrate our technologies and get to work with HITIQ’s team.’’
CSX Founder and CEO
“We are thrilled to add the CSX class leading product to our technology ecosystem. 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 athletes and children.’’