Bid Deadline: Friday 15 April 2022 at 4pm BST
Hilco Streambank (“Hilco”) is seeking offers to acquire the intellectual property assets of VST Enterprises Limited (in Administration) (“VST” or the “Company”) on behalf of the Administrator of the Company, Beverley Ellice Budsworth of The Debt Advisor.
Founded in 2012, VST was established to develop the advanced and innovative cybersecurity solution known as VCode, which allows users to authenticate themselves across various online transactions and interactions, with applications across an array of many sectors.
VCode is the product of several years of research and development and over £11.4m in investment.  It provides ultra-secure financial transactions, virtual mobile wallet payments, secure identification services and authentication. The system uses Vcodes to allow users to scan their chosen content, which is then delivered to their smartphone in seconds, with the option for businesses to provide bespoke content to users tailored to their business strategy. The software itself has 2.2 quintillion code variations and can base its outputs on: User ID, Geo Location, Time & Date, Device Type and how many times users have scanned a code.
VCode can be scanned at a distance (in some uses, over 100 metres), applied at sizes down to 100 microns, scanned within 170-degree angles and features error correction where the code still works when partially damaged. VCode is up to 10 seconds faster than other technologies in scan rate efficiency, saving hours for businesses that experience a high-volume scan rate. The uses of VCode span all industries from payments, traceability/anti-counterfeiting measures to identity provisioning.
This offers a unique opportunity for a buyer to acquire the rights to VST’s assets to further commercialise its services across the globe.
The VST Enterprise & VCode Brands
The VST brand reflects the identity behind its versatile technology, revolutionising how consumers interact and transact in the public and private sectors.
KPMG recognised the brand as the ‘Best British Mobile Start-up 2016′, with the UK Business Tech Awards’ hailing them Tech Entrepreneur of the Year in 2018′.
“The versatility and range of the VCode makes for near seamless user experience. This unlocks a wide variety of industry use cases; from physical retail and logistical tracking to content and product verification, the possibilities are limitless” – Patrick Imback, Director and Head of High Growth KPMG
The brand stands out in the tech space as one of the only platforms on the market to solve security, distribution, and consumer adoption challenges with the potential to expand further.
Strong recognition by key industry players has also boosted the brand. VST has been adopted and recognised by leading institutions across the globe.
“I know VST prides itself on its ‘infinite possibilities’ – and it is exactly that sort of optimism this country needs to power its economy. Manchester’s exciting tech industry is already sparking new ideas and new businesses and VST will be able to spread the word…” – Rt. Hon Theresa May, ex-Prime Minister
VCode and VPlatform Technology
The technology provides user authentication across a variety of transactions and interactions in multiple sectors. The technology’s versatility is displayed across its myriad of uses, such as counterfeit protection, ID and documentation verification, end-to-end supply management and instant payments.
The VCode is a 2-dimensional coded image which can be embedded into digital and physical spaces to direct consumers to weblinks, purchase offers or advertisements. VCode acts as a secure ecosystem allowing businesses to create VCodes which link to consumers via a cloud-based server, the VPlatform, to the desired link.
The VPlatform is the intelligent system behind the VCode, allowing businesses to capture information as users enter the server including details of the user, the location that they scanned the VCode, the time they accessed the link and whether any subsequent interaction took place between the user and other sections of the VPlatform, including purchases. This functionality allows businesses to monitor their marketing analytics through user interaction via VCode effectively. Unlike any other technology on the global market, the VCode and VPlatform work hand in hand to solve security, distribution, and consumer adoption challenges with a single protocol.
Please be aware that certain elements of the VCode and VPlatform software are owned by other entities, such as the image recognition software, other patents, trademarks and copyrights. Interested parties are advised to confirm the specific code elements they would be acquiring with the Company’s management prior to bidding.
The Company holds a portfolio of patent applications to protect methods to use the technology.
Several existing strategic partnerships are available to acquire as part of this sale.
Further, at the time of its Administration, the Company was in advanced discussions with a number of key industry figures to adopt VST’s services, with whom the potential buyer can resume talks.
The Company holds two registered UK trade marks to protect the “VCode” wording and logo, covering software, security and advertising classifications.
Website Content & Domain Name
The Company’s informational website and domain, hosted at www.vstenterprises.com is available to acquire and showcases the VCode and VPlatform via rich content and imagery. The website has been taken offline for the duration of the Administration but can be relaunched by a buyer.
Offers are due April 19, 2022 at 4pm BST.
All expressions of interest and bids are to be directed to Hilco in writing. A Bid Submission Form is available on request. Please contact Hilco to gain access to a virtual data room of further information on signing a confidentiality agreement.
The Administrator acts as an agent of the Company and without personal liability.
The bidder acknowledges that Hilco acts as an agent for the Administrator who offers for sale only what right, title and interest (if any) the Company possesses in the assets. Such sale will be without any warranties, expressed or implied. The information provided has not been verified by Hilco or the Administrator and bidders are deemed to have carried out their own due diligence.
VAT, if applicable, at 20% will be added to the price. A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. Legal completion to occur within 5 business days of bid acceptance. Hilco Streambank’s full Terms and Conditions apply.