Experts from business advisory firm Quantuma have completed a pre-pack administration sale of the Ashia wellbeing streaming service run by Glasgow-based Frog Systems Limited. This secures the future of the business and protects jobs for all employees.
Quantuma's managing directors, Craig Morrison and Brian Milne were appointed as Joint Administrators of Frog Systems on 25 July 2024 and completed the sale of its Ashia business and assets shortly thereafter to Warrington-based digital wellbeing company RAIYS Limited, a provider of technology-based employee wellbeing and engagement services. All nine employees of the Company were transferred to the purchaser under TUPE regulations.
Founded in 2014, Frog Systems provides wellbeing streaming services from its Glasgow headquarters.
It provides wellbeing content direct to individuals and businesses through its Ashia streaming service platform. The company focuses on providing early wellbeing support for individuals and organisations
‘to prevent the small things becoming the big things’. Uncertainties with regard to R&D Tax Credits had hampered the company’s ability to fund ongoing development and had frustrated attempts to raise external funding.
RAIYS is a leading independent company built by wellness experts and technologists, currently providing digital wellbeing services to over 750,000 employees in companies and organisations across the UK.
RAIYS founder and CEO James Murphy commented:
“I’m delighted to be able to bring Ashia into our business. Increasingly organisations are starting to understand their role and responsibilities in supporting employee wellbeing in the workplace.”
“It’s RAIYS’ mission to help employers and businesses of any size create healthy, purposeful workplace cultures across all sectors and job roles. Through our diverse range of wellbeing services from workshops, personalised training and development programmes to online GP access we can help organisations consciously create enabling environments. The addition of Ashia brings the power of storytelling, through lived experience and expert advice, to our comprehensive portfolio.”
Craig Morrison, joint administrator and managing director at Quantuma, responded:
"The sale is a great outcome for the business. I'm delighted that all employees' jobs have been saved and the business has been protected by being sold to a third-party buyer with the ability to take it forward."
