The London-based Vividas Group plc called in the administrators and suspended trading on the stock exchange last month after failing to attract further funding to continue trading.
At the time it said the Asia Pacific and USA subsidiaries - Vividas Pty, Vividas Technologies Pty and Vividas USA - would continue to trade until further notice.
Begbies Traynor, the appointed administrator, told Broadcast this week that: "Discussions are being held with a number of parties and it is hoped that buyers will be found for the US and Australasian subsidiaries.”
Anyone interested in the subsidiaries or the assets of the Vividas Group has until 3pm on Thursday 11 December to notify Chris Buller at Edward Symmons LLP, the appointed agents.
Management teams in both Australia and the US are believed to be mounting management buyout bids.
Vividas Technolgies Pty holds the intellectual property rights to all technology.
Vividas Group plc went into administration on November 18th.
Vividas develops technology and services that enable full-screen, live or on-demand video streaming over a variety of bandwidths without the need to install software.
The group began trading in Australia in 2000 as cGenie Australia Pty Ltd and expanded into the US and UK. Vividas Group Plc was listed on the London AIM market three years ago. At this point Vividas Technologies Pty amongst others became wholly owned subsidiaries of the plc.
In recent years the company has endeavoured to raise new investment and brokers were recently engaged for this purpose. However, according to Begbies, “owing to the current financial crisis it had not been possible to obtain refinancing offers in time.”
As a result the company was placed into administration by the company directors with Lloyd Biscoe and Wayne Macpherson appointed joint administrators.
According to end of year results, Vividas employed 43 people.
Prior to appointing administrators, Vividas had agreed a deal to stream The Rip Curl Pro, Australia's first professional surfing contest, and was trialling live streaming of cricket matches for the ICC International Cricket Council.
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