ADMINISTRATORS of failed pharmacy software start-up StrongRoom AI are edging close to a sale of the company, with secured debts transferred to myMedKit owner and entrepreneur, Joe Zhou, according to the Australian Financial Review.
A new business registered earlier this month as SRSPV by Zhou is now one of two secured creditors of the collapsed software company, with more than 40 other unsecured creditors still in line.
Administrators HLB Man Judd, which took control last month (PD 31 Mar), are working to facilitate the sale of StrongRoom AI after the company was accused of fraud by major investor EVP.
The company said StrongRoom misrepresented its finances and lost significant sums of money each month, compared to strong profits and revenues being projected in stock valuations.
Zhou owns a string of pharmacy software businesses and brands, including Aceso Group and its platform Ace Pharmacy, which is similar to StrongRoom as it also digitises pharmacy paperwork and works to improve efficiency.
Zhou told the AFR that StrongRoom could potentially be a strategic partner for Ace Pharmacy but declined to say he was aiming for a full takeover of the brand.
HLB Man Judd has so far received more than 10 bids for a takeover of StrongRoom AI despite ongoing legal dramas and debts.
The company's assets remain frozen as Federal Court hearings continue to play out. ML
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