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16 January 2020: ASX RELEASE
MSL Solutions Limited (ASX:MPW)
Sale of iSeekGolf.com to NBC Sports’ GOLFNOW
MSL Solutions Limited (MSL) (ASX: MPW) today announced the sale of its tee time booking
platform, iSeekGolf.com, to NBC Sports’ GOLFNOW for between $1.7 to $2 million, effective 15
January 2020.
Key Highlights:
➢ MSL had flagged at its recent AGM a continued review and focus on products and
divestment of non-core assets on a case by case basis;
➢ The value of iSeekGolf.com represents a 5 times to 6 times revenue multiple;
➢ NBC Sports’ GOLFNOW will assume all operational responsibilities, including delivery to
current customers, following a short transition period expected to be no more than 3
months from 1 January 2020.
The divestment proceeds of $2 million will be paid to MSL in equal quarterly instalments over 10
years. NBC Sports’ GOLFNOW have an option after the 5th year to prepay the remaining 5 years
of quarterly instalments with a lump sum payment of $700,000. The headline proceeds, therefore,
are $1.7 million to $2 million over a 5 to 10-year period valuing the business at 5 to 6 times FY19
revenue.
This relationship will see NBC Sports’ GOLFNOW assume operations of iSeekGolf.com as an
extension of its current tee time distribution platform ensuring MSL’s customers can continue to
advertise and sell their available tee times on the iSeekgolf/GOLFNOW platform. The transition to
full operations by GOLFNOW is expected to take no more than 3 months.
MSL’s CEO, Pat Howard said “MSL has taken clear steps to refocus the Company towards
profitability and operating cashflows. Our shareholders have communicated confidence in this
approach by the participation in a Share Placement to our capacity limit and strong support for our
Share Purchase Plan. The divestment of the iSeekGolf platform to NBC Sports’ GOLFNOW is
consistent with our previously stated review of all activities and products and to divest non-core
assets on a case by case basis. We believe that our partnership with NBC Sports’ GOLFNOW will
give even greater benefit to the over 320 golf clubs using iSeekGolf.com by providing greater
access to industry focused market leading technologies.”
MSL
MSL Solutions Limited (ASX: MPW) operates in the sports, leisure and hospitality sectors. Some of
the world’s iconic sports and entertainment companies and PGA’s rely on MPower MSL every day.
We create the systems that connect every department of a business from point of sale and
membership to marketing and real time visibility on staff levels, customer engagement, profits and
revenue. MPower MSL has 1,220+ customers with offices in Australia, UK and Denmark. To discover
more about MPower MSL please visit http://www.mpowermsl.com.It nearly makes paying for the platinum membership fees for all those years a bit of a waste.
Still, it was what it was and they’ve had to make a business decision based on their business interests.1 user liked this post.
It nearly makes paying for the platinum membership fees for all those years a bit of a waste.
Still, it was what it was and they’ve had to make a business decision based on their business interests.Did you get any pro rata refund?
16 January 2020: ASX RELEASE
MSL Solutions Limited (ASX:MPW)
Sale of iSeekGolf.com to NBC Sports’ GOLFNOW
MSL Solutions Limited (MSL) (ASX: MPW) today announced the sale of its tee time booking
platform, iSeekGolf.com, to NBC Sports’ GOLFNOW for between $1.7 to $2 million, effective 15
January 2020.
Key Highlights:
➢ MSL had flagged at its recent AGM a continued review and focus on products and
divestment of non-core assets on a case by case basis;
➢ The value of iSeekGolf.com represents a 5 times to 6 times revenue multiple;
➢ NBC Sports’ GOLFNOW will assume all operational responsibilities, including delivery to
current customers, following a short transition period expected to be no more than 3
months from 1 January 2020.
The divestment proceeds of $2 million will be paid to MSL in equal quarterly instalments over 10
years. NBC Sports’ GOLFNOW have an option after the 5th year to prepay the remaining 5 years
of quarterly instalments with a lump sum payment of $700,000. The headline proceeds, therefore,
are $1.7 million to $2 million over a 5 to 10-year period valuing the business at 5 to 6 times FY19
revenue.
This relationship will see NBC Sports’ GOLFNOW assume operations of iSeekGolf.com as an
extension of its current tee time distribution platform ensuring MSL’s customers can continue to
advertise and sell their available tee times on the iSeekgolf/GOLFNOW platform. The transition to
full operations by GOLFNOW is expected to take no more than 3 months.
MSL’s CEO, Pat Howard said “MSL has taken clear steps to refocus the Company towards
profitability and operating cashflows. Our shareholders have communicated confidence in this
approach by the participation in a Share Placement to our capacity limit and strong support for our
Share Purchase Plan. The divestment of the iSeekGolf platform to NBC Sports’ GOLFNOW is
consistent with our previously stated review of all activities and products and to divest non-core
assets on a case by case basis. We believe that our partnership with NBC Sports’ GOLFNOW will
give even greater benefit to the over 320 golf clubs using iSeekGolf.com by providing greater
access to industry focused market leading technologies.”
MSL
MSL Solutions Limited (ASX: MPW) operates in the sports, leisure and hospitality sectors. Some of
the world’s iconic sports and entertainment companies and PGA’s rely on MPower MSL every day.
We create the systems that connect every department of a business from point of sale and
membership to marketing and real time visibility on staff levels, customer engagement, profits and
revenue. MPower MSL has 1,220+ customers with offices in Australia, UK and Denmark. To discover
more about MPower MSL please visit http://www.mpowermsl.com.Its makes sense and probably the best company around to purchase the tee times platform. What happens to forums still to be determined in the next couple of months.
A lot of fond memories in the old stomping ground and just a couple I would rather forget. I am sure the new stomping ground will provide just as many if not more of the fond and less of the other. Business decisions are made for the good of the business, so I would say it was the right one for MPower MSL, but I would think as the forums would not generate any revenue for Golfnow, their demise is assured.
Offical announcement came out today
Australia’s Leading Online Golf Destination, iSeekGolf.Com, to be Operated by NBC Sports’ GOLFNOW within the World’s Largest Tee Time MarketplaceORLANDO, Fla. (Jan. 22, 2020) – NBC Sports Group and MPower MSL (ASX:MPW) (MSL), operator of the tee time booking platform iSeekGolf, today announced a long-term, strategic partnership to enhance the online tee time booking experience for golfers everywhere.The partnership will boost innovation and product development for the benefit of golf courses and golfers throughout Australia.
NBC Sports’ GOLFNOW will assume operations of iSeekGolf.com as an extension of its current tee time distribution platform, connecting iSeekGolf’s golf club partners with more than 3.5 million registered GOLFNOW users who can book a tee time at a selection of over 400 partner courses in Australia and nearly 10,000 around the world.MSL customers can continue to advertise and sell their available tee times on GOLFNOW/iSeekGolf, while golfers will enjoy the ease and convenience of searching and booking tee times on one platform. “Providing solutions for more than 9,000 golf courses around the world, GOLFNOW’s tee time distribution marketplace, as well as its best-in-class technology and services, position us as an industry leader at the intersection of golf and technology,” said Brian Smith, general manager, GOLFNOW & Emerging Businesses.
“This partnership with MSL further solidifies our commitment to invest in golf in Australia and will benefit from the distribution and marketing reach of GOLFNOW and the brand recognition that iSeekGolf already has built among golfers across the country.”“MSL is pleased to partner with NBC Sports, one of the world’s leaders in digital business driving innovation into sport with its technology. Our technology platform has centralised golf membership and handicapping in 11 countries and helps run some of the world’s most iconic sports, leisure and hospitality organisations, including 60 percent of the English Premier League,” said Craig Kinross, MSL’s Director of Strategy.
“Our partnership with NBC Sports’ GOLFNOW to operate iSeekGolf will provide great benefits to Australian golf clubs and golfers into the future by providing access to our industry focused market leading technologies.”GOLFNOW, which launched in Australia in 2017, is part of the NBC Sports portfolio of golf-lifestyle businesses tailored to the needs of passionate golfers. The portfolio also includes GOLF Am Tour, the world’s largest amateur golf tour with events held across Australia, China, New Zealand and North America; and GOLFPASS, a digital membership program that connects golfers with hundreds of perks and benefits related to the things they love to do most, like playing golf, improving their game, watching great videos, shopping and traveling. GOLFPASS launched in Australia in October 2019, following earlier introductions in North America (February) and the U.K. & Ireland (July). MPower MSL is a global provider of hosted SaaS and on-site solutions to clients in the sport, leisure and hospitality sectors with 1,200-plus customers in more than 25 countries.
ABOUT NBC SPORTS GROUP’S GOLF DIVISION NBC Sports Group’s GOLF division delivers multimedia golf content, technology and services. Anchored by GOLF Channel – co-founded by Arnold Palmer in 1995 – GOLF content is available to nearly 500 million viewers in nine languages across more than 70 countries around the world. GOLF features more live coverage of the sport than all other U.S. networks combined, including global tournament action from the PGA TOUR, LPGA Tour, European Tour, NCAA, THE PLAYERS, The Open, Olympics, Presidents Cup and Ryder Cup, as well as high-quality news, instruction and original programming. Delivering unmatched coverage from the world of golf via GOLF Digital, fans can access 24/7 live streaming through the NBC Sports App, as well as complementary coverage via PGA TOUR LIVE on NBC Sports Gold. In addition to these all-encompassing media platforms, NBC Sports connects the world to golf through a wide array of technology and lifestyle services, including: GOLFNOW, the world’s largest online tee time booking platform; GOLF Business Solutions, solving business needs through leading technology, marketing and services; GOLFPASS, an all-in-one digital membership delivering comprehensive benefits tailored to the modern golfer’s lifestyle; Revolution GOLF, the world’s largest direct-to-consumer digital platform in golf, offering best-in-class video instruction and game improvement products; GOLF Advisor, the ultimate digital destination for the traveling golfer, featuring the largest number of user-generated golf course ratings and reviews in the industry; GOLF Academy, a North American network of instructional facilities; and GOLF Am Tour, the world’s largest amateur golf tour. GOLF’s global reach originates from its world headquarters in Orlando, Fla., and extends to its international office in Belfast, Northern Ireland; regional offices across North America, Europe and Australia; and also includes collaborations with Sky Sports and serving as the Official Media Partner of St Andrews Links.About MSL Solutions LimitedMPower MSL (ASX:MPW) is transforming the sports, leisure and hospitality sectors globally. Some of the world’s iconic sports and entertainment companies and PGAs rely on MSL every day. We create the systems that connect every department of a business from point of sale and club membership to marketing, financials and the workforce to deliver real time visibility on staff levels, customer engagement, profits and revenue. It’s these pieces that work together that turn ordinary moments into extraordinary memories.To discover more about MSL please visit http://www.mpowermsl.com
Wow…lost me when there was no mention of the forums.
•Inaugural Victorian OOM Putting Champion - Long Island 2011
•Inaugural ... National champ
•Hole In One - 7th Hole Portsea GC - 9/10/2012
Best ever score off the stick - 74 (Gardiners Run 10/12/2020)
Masters Champion 11/4/20221 user liked this post.
Wow…lost me when there was no mention of the forums.
Lost me for same reason 6mths ago!;)
1 user liked this post.
Am I reading this right? $2M at a 4-5x multiple (wow) so it was making $400-500,000 PA just booking golf rounds? $100,000 a week???
I mean $10,000 a week
That might be there total booking for Australia per week, doubt it is how much they made. If Iseekgolf.com was making $10K per week profit, then a buy out price for the entire thing of $2M payable over a 10 year period in quarterly instalments works wonderfully in the favour of GOLFNOW. To me it looks more like a MPower MSL offload of a not so good operational cost.
I mean $10,000 a week
That might be there total booking for Australia per week, doubt it is how much they made. If Iseekgolf.com was making $10K per week profit, then a buy out price for the entire thing of $2M payable over a 10 year period in quarterly instalments works wonderfully in the favour of GOLFNOW. To me it looks more like a MPower MSL offload of a not so good operational cost.
The Canuck…
Winner Moonah Legends 2013 Nationals
Winner The National 2013 Nationals
Winner 4BBB 2013 Nationals
Winner Stink's 3 Club Challenge 2015
Winner C grade OOM The Sands 2016
Hole-in-one Growling Frog 14/1/17 5th hole 137m TM RBZ 5 hybrid, Srixon AD333 ball
Growling Frog GC Matchplay Champion 2017
Winner B grade OOM Curlewis 2018
Winner Yering Meadows Monthly Medal Dec 2020Low Handicap point 12.7 9/4/16
Finally...and most importantly...
Smoldy....when only the best will do1 user liked this post.
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