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Press Release

Fieldfisher advises UK fitness games developer Six to Start on sale to Australia's OliveX Holdings

08/03/2021

Locations

United Kingdom

NSX-listed digital health and fitness company OliveX Holdings has acquired Six to Start to capitalise on rapidly growing global demand for at-home fitness and entertainment.

 
Fieldfisher has advised Six to Start, a London-based developer and creator of story-like games and game-like stories for health and fitness, on its acquisition by Australian digital health and fitness company OliveX Holdings for up to US$9.5 million (£6.9 million/A$12.4 million).

Founded in 2007, Six to Start is an award-winning technology company that creates immersive and motivating smartphone audio stories and gaming experiences.

Its games include Zombies, Run!, the Walk (the first smartphone fitness game funded by the UK's Department of Health), and Zombies, Run! 5k.

Zombies, Run! is the world’s leading gamified health and fitness app with an average 300,000 active users per month, approximately 50,000 paid subscription users.

As well as developing games involving millions of players for Channel 4, the BBC, and Muse, along with cutting-edge fiction for publishers Penguin and Macmillan, the company conducts research and development for companies including Disney Imagineering, Microsoft, and the British Museum.

Six to Start’s assets include intellectual property, content creation and distribution channels that are strategically important to OliveX as it continues to commercialise its KARA Smart Fitness mirror – a digital application that delivers premium, on demand and live health and fitness-related content from celebrity trainers and wellness influencers across the globe.

OliveX, which is based in Perth, Western Australia, has agreed to purchase 100% of the issued shares of Six to Start for an initial cash and share consideration equivalent to US$6.65 million (£4.8 million/A$8.4 million) and deferred, performance-based, consideration in cash and shares of up to US$2.85 million (£2.1 million/A$3.6 million).

Tom Ward, corporate partner at Fieldfisher Manchester who led the legal team advising Six to Start on its sale to OliveX said:

"We are delighted to have assisted Six to Start on this important deal, and wish the team every success in the future.

"Fieldfisher's tech M&A team continues to advise at the intersection of gaming and fitness and we look forward to seeing more deals in this space over the next year."

Adrian Hon, CEO of Six to Start said:

Six to Start, has built a strong business model and a huge subscriber base of loyal users for our apps including Zombies, Run!, and our growth strategy is a perfect fit with OliveX’s.

"We’ve both created innovative, game-changing technology that when combined will really advance the future of digital fitness, making the OliveX suite of products and solutions truly world-leading.”

Tom Ward was assisted by corporate solicitor Andy Oliver and tax counsel Andrew Loan.
 
About Fieldfisher

Fieldfisher is a European law firm with market leading practices in many of the world's most dynamic sectors.

We are an exciting, forward-thinking organisation with a particular focus on energy & natural resources, technology, finance & financial services, life sciences and media.

Our cross-border corporate group is immersed in the international M&A, private equity and venture capital market, from seed stage and growth capital financings to leveraged buy-outs and exits. Our teams provide integrated support across Europe and in each of our domestic markets.

Our network has more than 1,700 people working across 25 offices providing highly commercial advice based on an in-depth understanding of our clients' needs.

We operate across our offices in Amsterdam, Barcelona, Beijing, Belfast, Birmingham, Bologna, Brussels, Dublin, Düsseldorf, Frankfurt, Guangzhou, Hamburg, London, Luxembourg, Madrid, Manchester, Milan, Munich, Paris, Rome, Shanghai, Turin, Venice and Silicon Valley.
 

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