Administrators race to save once-hyped tech start-up, Thinxtra
A tech start-up that boasted 123 per cent sales growth and planned an ASX listing now faces collapse unless administrators find a ‘white knight’ buyer within days.
Thinxtra, a once high-flying tech start-up is in a battle to survive as administrators race to save the business.
The Internet-Of-Things start-up that counts Coles, Qantas, CouriersPlease, Optus, Loscam and Konvoy as customers for its connected device platform went into administration on Sunday.
Grant Thornton’s Phil Campbell-Wilson and Lisa Gibb were appointed administrators to search for a white knight to rescue the business, with a fast-approaching deadline of Thursday to find a buyer.
Founded in 2015, the company had raised over $25m from investors and two years ago was preparing for an ASX listing as it boasted 123 per cent year-on-year sales growth.
The administrators are chasing urgent expressions of interest as they try to salvage the once-hyped business.
Grant Thornton has pitched Thinxtra as a still-attractive asset with 2025 financial year revenues of $4.7m on a gross margin of 52 per cent, a stable customer base, and access to various industrial internet networks.
Overseas operations in Hong Kong and New Zealand that remain solvent could be bundled into any sale, the administrator said.
Back in May 2023, then-CEO Nicholas Lambrou was in full sales mode, telling The Australian Business Network that Thinxtra was booming ahead of a planned ASX listing.
“We are certainly seeing a very strong growth (and) our sales orders are up around 123 per cent year on year. It certainly gives our board and our investors the confidence that we’re executing on the strategy and executing on it quite well,” he said.
Thinxtra was rolling out sensors that told breweries where their kegs were, alerted food-storage companies when temperatures spiked, and could even detect when a gas bottle had been tipped over.
Other clients included local councils, including Coffs Harbour which was working the company on a system to remotely manage its public toilets.
Investors were also bullish about the business and the wider IoT market.
“Thinxtra is a major player in this space in Australasia with a variety of attractive product and service solutions in current use and rollout,” said Blue Ocean’s Peter Gray.
“This is the result of a highly experienced board and management team which deliver proven technologies as reflected by its strong customer base and international presence.”
Fellow investor Phil King of Regal Funds Management was equally enthusiastic.
“These in turn are continually generating strong annual recurring revenue streams that investors highly value.”
Today, that investor optimism looks misplaced as the administrators call for expressions of interest from potential rescuers by midday this Thursday.
More Coverage
Originally published as Administrators race to save once-hyped tech start-up, Thinxtra
I fired a customer – and it’s the best decision I ever made
