StrongRoom AI paid $7.5m for startup, just days before it was accused of fraud
StrongRoom held $13.5 million in assets at the time it entered voluntary administration, new filings with the corporate watchdog show.
When StrongRoom AI collapsed into voluntary administration in late March, over half of its value was tied up in a company it had finished acquiring just days earlier.
The medtech startup bought healthcare loyalty program provider Members Benefits Australia (MBA) for $7.5 million, documents filed by administrator HLB Mann Judd to ASIC on Monday night and viewed by Capital Brief show.
When StrongRoom AI announced in the middle of March that it had raised $17 million from venture firms EVP and Artesian Investment, it said it would use that money to finalise the purchase of MBA.
The acquisition was first announced last March, and was originally meant to close in the middle of 2024. MBA says it creates "impactful, customised benefits and customer loyalty rewards programs using our powerful SaaS platform."
