Picsolve, a global provider of digital photo and video products for theme parks, attractions, and events, has entered receivership and a buyer is being sought, according to Insider Media. The company generated $70.5 million in 2019 and purchased a Belgium-based start-up Panora.me that year. The company, founded as Rx Technology in 1994 before changing its name to Picsolve in 2002, is currently owned by London-based investment firm Eight Roads which manages proprietary capital of Fidelity International.
Matt Cowlishaw, a restructuring partner at Deloitte, is quoted saying, “The mandated closure of virtually all the leisure attractions the company operates from gave rise to an unpreceded situation for the company and significant cash pressure. We are actively seeking a buyer for all or parts of the business to allow it to continue and eventually reopen as theme parks and leisure attractions come back online.”
Picsolve employed approximately 160 permanent staff and 447 seasonal and casual workers, most of which had already been furloughed, according to published reports. Blooloop reported, for the year ended Feb. 28, 2019, Picsolve Holdings had sales of £54.6 million, an almost £10 million increase on the previous year, driven by international expansion. Pre-tax losses increased, however, from £6 million to £6.9 million.
Based in Derby, Picsolve says it has grown from startup to “the world’s number one content capture partner with over 500 capture installations across the globe with big brand partnerships.”